And the American regulation requires that the chipped card checks the bank balance and do all the handshakes between multiple networks in real time before it allows the transaction to take place, hence the extra delay.
That is not typically the reason for the delay. The fact of the matter is that the US region required online processing for EMV because at least 90% of the transactions in the US were already online only. There are some significant attacks against offline EMV that are entirely mitigated by online processing. There are no known attacks on Online EMV with card present. Even without a PIN, you cannot duplicate someone's card or skim it. You can steal someone's card and use it, but you cannot create a cloned copy of the card and use it.
The problem in the US is entirely with poor implementations. The most inexpensive terminals manually check a list of supported brands against the card's brand(s) one at a time. The brands have IDs that can be incredibly specific. A lot of the processors I've worked with want to manually add each and every ID to their configuration basically saying "I support North American MasterCard. I support Australian MasterCard. I support European MasterCard..." for basically every region in the world when they could just say "I support MasterCards of all types." So the card terminal sits there for a solid 10- 20 seconds just going through its list asking the card "Are you this brand?" Literally. Regulations in the US require you to support "US Common Debit" if you're going to allow debit transactions. There is literally one additional ID that is required to be supported in the US versus other regions. Furthermore, you'll find that transactions go online and receive approval in Europe somewhere on the order of 70+% percent of the time and are still faster than US transactions. I'm working on a project right now for a company halfway across the world from me and, when I have control of the terminal flow, I can run through the entire process from the US, 8000 miles, back to the US for issuer authorization, then back that 8000 miles to the processor and back to me in about 300-400ms. With a processor who lives in the same city, I can complete a transaction in 100-200ms on a slow day.
When I say that, I'm obviously excluding transactions that require prompts, but one where I have the terminal flow set to run the transaction from end to end the instant the card is inserted into the terminal with no further human interaction required.
As opposed to Europe, where the European chipped card could work in a place with no phone reception and no network access, the balance would be kept on the card, and the balance would later be reconciled in a central ledger at the end of the day, or at the end of the week (I'm not sure which). But this of course made the card super fast to use.
They have not done this in Europe or anywhere else in a long time. I think the last card issued that behaved in this way was around 2007. Some of them haven't expired in their countries of origin and you still have to support this capability in some regions, but it's being phased out. You cannot trust a balance from an offline transaction. The terminals all have a transaction ceiling which, when hit, a transaction is forced to be processed online. In the US that limit, from a liability standpoint, is $0. For most European merchants, they use somewhere on the order of 20-40 pounds/euros/whatever. Basically a high enough limit that you can recharge your metro card. That limit is also based on the type of merchant as well. The majority of card fraud occurs at gas stations and the industry has completely different rules for unattended gas pumps.
And also, some chipped cards are allowed to be used without the pin, because not everything on a chipped card is encrypted, and that's ok for some businesses because they'll limit the amount of the transaction when the pin is not used
This is only sort of true. If the terminal supports offline or online PIN verification then you cannot bypass the PIN in any region unless that region specifically allows it. From what I can see with just a brief glance it looks like you can only bypass PIN in Australia, Japan, India, and Russia. Anywhere else MUST validate the PIN if the terminal supports it. The data embedded into the transaction also tells the Issuing Bank that the PIN was bypassed and that can affect liability, unless the Issuing Bank approves the transaction online.