Visa Joins Other Network Giants in Changing Signature Rules15th January 2018
Visa has announced that beginning on April 1st, 2018, they will join Mastercard, Discover and American Express in changing its customer signature requirements at the point of sale (POS). Effective in April, Visa will no longer require signature cardholder verification at the POS, and will be giving merchants the choice of whether to require one or not.
This move follows on from similar announcements from Mastercard in October 2017, and Discover and American Express in December 2017.
This change represents a continued effort to reduce time spent by consumers at the POS, as well as heighten security and improve the consumer experience. Digital authentication methods including biometrics, EMV, multi-factor authentication, and tokenization, have all proved more secure than signature and are increasingly popular.
It is important to note that Visa’s announcement only applies to North American merchants who have already deployed EMV, so merchants who do want to move away from accepting signatures at their POS may need to invest in new systems to accommodate the change. CMSPI would encourage merchants to speak with their supply chain regarding implementation.