The need for signing credit card slips whenever you make a purchase are officially coming to an end.
This week MasterCard have announced that they are dropping the requirement for signatures from April next year.
The signature requirement will first be dropped in the US and Canada.
This is perhaps not new, as many merchants already don’t require a signature for purchases.
“Eliminating the need for signature is another step in the digital evolution of payments and payment security,” says Linda Kirkpatrick, executive vice president of MasterCard’s U.S. market development division.
She said in a blog post that the move would mean that it would make it easier to pay and reduce waiting times at checkouts.
“This important step will improve the customer experience and eliminate inefficient, ineffective, and costly processes for the retail merchant community and their customers,” said Laura Townsend, the senior vice president of operations for the Merchant Advisory Group, a consortium of retailers interested in new ways of payments.
“New and improved digital authentication methods are emerging which bring better security to the payments ecosystem. Elimination of signature will help pave the way for adoption of these methods.”
It was revealed that globally, 80% of retail transaction made in stores using a MasterCard no longer required a signature.
The signature was originally a security precaution and was the most the best option that was available at the time.
However, thanks to technological advancements, MasterCard has noted that chips, biometrics and tokens use increasingly modern and more secure methods to prove identify.