Wednesday, November 21, 2018

Mastercard makes signatures optional

By on October 25, 2018

SAN JUAN – Mastercard, the transaction-processing products and services company, has made cardholder signatures optional, both on the card and on receipts, to help simplify payments.

Starting in April, issuers globally will no longer be required to include a signature panel on the back of Mastercard products. This change follows the move to allow merchants the option to collect cardholder signatures for in-store purchases in the U.S. and Canada, and now extends this option to merchants worldwide.

“With modern, advanced forms of authentication now available, removing the requirement for signature capture at the point of sale and now signature panels on Mastercard cards is an important step in support of our digital evolution,” said Linda Kirkpatrick, executive vice president, U.S. Merchants and Acceptance, Mastercard. “Issuers, merchants and cardholders will benefit from this change as faster, safer options improve satisfaction and increase sales.”

Eliminating the need for signatures is part of the toward security technologies such as EMV (Europay, MasterCard and Visa) chip, contactless payments and artificial intelligence for fraud management to increase the accuracy of transaction approvals. Cardholders are protected against fraud by Mastercard’s Zero Liability coverage for unauthorized transactions.

“The investments we’ve made in technology like artificial intelligence and biometrics are what’s powering this next step,” said Ajay Bhalla, president, cyber and intelligence solutions, Mastercard. “We believe our merchant and issuing partners everywhere will embrace the ability to deliver a simpler checkout experience while maintaining the highest levels of security.”

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