In New Zealand, almost all terminals have had chip readers for years and I've never had any of those issues. In almost every case I just insert a card, type my pin and I'm good.
The German systems are a bit slower than others (and also everyone there, young and old, uses cash more than cards, which is odd), but they essentially work the same way.
America's credit and banking systems are over two decades behind the rest of the planet (including parts of India).
In NZ, Australia, Germany and Indian, people can make person-to-person transfers to anyone, on any bank, within 24-hours, for free, using just their account number and full name (and in Germany a one time use TAN number, which other countries are trying to implement). This is all taken care of at the government banking level. No Square. No PayPal. No Facebook. Just state mandated person-to-person transfers.
1) double tap home before I even get the phone out of my pocket
2) instant beep when it touches the terminal
3) grab receipt
I've had people comment that it takes longer because it feels like it does, since grabbing your phone is quicker than grabbing your wallet and removing your card, then putting the card back in the wallet and putting your wallet back in your pocket. It takes about the same amount of time, but there's more time spent doing nothing since the time in motion is less.
No pin to remember, instead trying on physical presence of my finger. It's much more secure because because nobody can watch over my shoulder and steal my finger.
1) Swipe card (out of habit)
2) Machine says use chip card reader.
3) Insert card in reader.
4) Machine freezes.
5) Get support - reset machine quickly.
6) Plan to swipe but luckily remembered. Inserts in slot.
7) Wait for what feels like hours to get it going.
8) Enter code
9) Approved! Takes card out.
Blah. I am sure in few years things will get better though. Or maybe just go with Apple Pay (or that type).