Mastercard To Eliminate The Signature Requirement For Purchases

October 20, 2017

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Starting in April, debit and credit cards issued with the Mastercard logo will no longer require signatures on any purchase amount. In an announcement release this week, Mastercard says the elimination of signatures should speed up the checkout process while continuing to offer safeguards against fraud.  The move, which may soon be followed by other debit/credit card insurers is being hailed by retailers and many consumers.  For starters, most card purchases don't require signatures now.  As for those purchases that still require a signature, many people just scribble something on the signature pad and those signatures aren’t checked against anything.  Retailers say the elimination of signatures means they will save data storage space on a system that has outlived its usefulness in a more technological world that uses ID chips, tokenization, and personalized identification numbers to verify valid purchases.

SOURCE: The Consumerist

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