Money Galore: Major Card Card Companies in U.S. No Longer Require Signatures

Published April 30th, 2018 - 11:00 GMT
Credit Cards (AFP/File Photo)
Credit Cards (AFP/File Photo)

Beginning this month, four of the largest credit card networks in the United States no longer require signatures to complete transactions -- a move driven by evolving security and technology.

American Express, Discover and Mastercard gave merchants the option to stop requesting handwritten authentication for credit and debit card transactions April 13, while Visa implemented the policy the following day.

Terms for the change will vary. American Express eliminated the requirement for all its cards globally, while Visa lifted the requirement only in the United States and Canada for payment systems that read chip cards.

Mastercard ened the requirement exclusively in North America, while Discover offers the choice in the United States, Canada, Mexico and Caribbean nations.

 

 

While each credit card company eliminated the signature, individual retailers also have the choice to keep collecting signatures or stop.

Several major retail chains, including Walmart, have sought to end the longtime practice because those sales must be processed in a way that takes more time and costs twice as much as transactions that use a PIN.

"Having to sign a receipt can be a hassle for customers and is not necessary to prevent fraud at the point of sale," said Walmart Senior Vice President and Assistant Treasurer Mike Cook.

In place of signatures, credit card companies are now transitioning to other security methods -- some new, some familiar.

 

This article has been adapted from its original source.


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