News • 05.11.2018

Mastercard moves beyond signatures worldwide

It is the first network to make signatures optional on the card and in the store

Digital Signature; Copyright: panthermedia.net/keport...
Source: panthermedia.net/keport

For cardholders, not needing to sign creates a faster and more streamlined point of sale experience. Today, consumers experience this when they tap to pay contactless card payments are quick, secure and don’t often require a signature.

This decision is aligned with evolving consumer preferences. In a survey conducted in the U.S., only 40 percent said they had signed the back of their cards, and one-third of those who haven’t signed said they don’t see the point in doing so. In the same survey, more than half of respondents believed they were just as secure without signing the back of their cards, and two-thirds wanted biometrics to replace signatures, passwords and PIN codes when paying with their card.

“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.”

As advancements in technology and security change how people pay and verify their identity, Mastercard today announced that cardholder signatures will now be optional, both on the card and on receipts.

Starting in April 2019, Mastercard 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. Mastercard led the industry with this announcement in the U.S. and Canada last fall, and now extends this option to merchants around the globe.

“We see this as a win for all. 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.”

Eliminating the need for signatures is part of an important shift toward advanced security technologies such as EMV® chip, contactless payments and advanced fraud management technologies. These innovations provide both greater security and a simpler, more convenient payment experience. In addition, consumers remain protected against fraud by Mastercard Zero Liability coverage.

“Signature has been an obsolete form of authentication for quite some time, and removing the signature panel from the cards will reinforce the need for all stakeholders to leverage truly effective authentication technologies to address fraud,” said Mike Cook, Walmart senior vice president and assistant treasurer.

“Convenience and security are essential to the payment experience we provide our clients. As part of our ongoing relationship with Mastercard, we are excited to offer our clients credit cards they can use with ease, and with confidence that their credit card transactions are secure,” said Jason M. Rudman, KeyBank Head of Digital and Consumer Payments.

Source: Mastercard

more on: POS Solutions

related articles:

popular articles:

Thumbnail: Photo: RFID tags with features for the cashierless store...
More than retail security • 29.10.2018

RFID tags with features for the cashierless store

Customers can unlock products on their own thanks to smart tags

Thumbnail: Photo: Francisco Partners Completes Acquisition of Verifone...
Company News • 27.08.2018

Francisco Partners Completes Acquisition of Verifone

Mike Pulli assumes role of CEO at Verifone

Thumbnail: Photo: Toshiba is the leader in EPOS technology
Company News • 18.10.2018

Toshiba is the leader in EPOS technology

Nearly 50 percent growth in self checkout market share

Thumbnail: Photo: Marketing automation: The USP of the online world...
Report • 25.09.2018

Marketing automation: The USP of the online world

How to successfully develop a personalized sales approach almost automatically

Thumbnail: Photo: Payment solutions in the self-service market...
Company News • 13.09.2018

Payment solutions in the self-service market

CCV and PAX are forming a joint venture

Thumbnail: Photo: Bygg-Ole in Sweden streamlines stores with electronic shelf labels...
Company News • 12.10.2018

Bygg-Ole in Sweden streamlines stores with electronic shelf labels

For more efficiency and free up time for more promotional activities

Thumbnail: Photo: App-based self-checkout
News • 23.08.2018

App-based self-checkout

Edeka offers mobile self-scanning with snabble

Thumbnail: Photo: Waiting in checkout lines
Company News • 15.08.2018

Waiting in checkout lines

A turnoff to European shoppers

Thumbnail: Photo: Superdata PromoServer – Customer loyalty as a factor of success...
Top Product • 26.10.2018

Superdata PromoServer – Customer loyalty as a factor of success

All instruments for customer loyalty and sales in a single solution

Thumbnail: Photo: Absen LED free-standing centrepiece
News • 16.10.2018

Absen LED free-standing centrepiece

Korean shopping mall sets new retail standard

Supplier

Superdata EDV-Vertrieb GmbH
Superdata EDV-Vertrieb GmbH
Ruhrstr. 90
22761 Hamburg
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
AURES Technologies GmbH
AURES Technologies GmbH
Maisacherstr. 118
82256 Fürstenfeldbruck
CCV Deutschland GmbH
CCV Deutschland GmbH
Gewerbering 1
84072 Au i.d.Hallertau
Verifone (UK) Limited
7 Cowley Business Park, High Street
UB8 2AD Cowley, Uxbridge