I just read an article by Linda Kirkpatrick - Executive Vice President, U.S. Market Development at Mastercard - "No More Signing on the Dotted Line".
According to the article, Mastercard will no longer require signatures at checkout for any credit or debit purchases in Canada and the U.S. starting April 2018. Right now the card brands (VISA, Mastercard, Discover, American Express) have thresholds for transactions that don't require a signature, typically $50. But starting next April, Mastercard won't require a signature for any retail transactions at checkout. I imagine that the other card brands will follow suit at some point.
There are two major reasons for this move according to the article - speeding up the checkout process and the advent of "new digital payment methods that include chip, tokenization, biometrics and specialized digital platforms that use newer and more secure methods to prove identity". They also feel consumers and merchants are ready for this move.
Point to Point (P2P) Encryption, tokenization, NFC, EMV, pay at the table, pay with your device - the list goes on and on. There are so many changes to the payments industry - is your business keeping up?
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