Today, more than 80 percent of Mastercard in store transactions in North America do not require a cardholder signature at checkout. That number could now reach 100 percent after April 2018, when Mastercard will no longer require signatures at checkout for any credit or debit purchases in Canada and the U.S.
„Eliminating the need for signature is another step in the digital evolution of payments and payment security. At first glance, this might sound like a radical proclamation, especially to people who have had credit and debit cards for decades. However, the change matches all of our expectations for fast and convenient shopping experiences. Our consumer research found that a majority of people believe it would be easier to pay and that checkout lines would move faster if they didn’t need to sign when making a purchase.”. according to Mastercard.
It is important to know that the levels of security for credit and debit cards remains a priority. „What consumers will find reassuring is that removing the need to sign for purchases will not have any impact on safety. Our secure network and state-of-the art systems combined with new digital payment methods that include chip, tokenization, biometrics and specialized digital platforms use newer and more secure methods to prove identity.”, sazs the company.
According to Mastercard research, most consumers are ready for this evolution. A large majority are not worried about retiring the “signature required” clause and still feel safe and secure without signing on the dotted line. Look for these changes to start speeding you through in store checkout in April 2018.
Source: Mastercard
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
