Mastercard has decided to take another step in the digital evolution of payments and payment security, announcing that after April of 2018, no signatures will be required for any debit or credit purchase in the US or Canada.
A majority of people believe it would be easier to pay and the checkout lines would move faster if they didn’t need to sign when making a purchase, Mastercard’s consumer research showed. The company is aware that convenience is a large part of what consumers want when they are shopping and paying, but also wants to emphasize that the levels of security for credit and debit cards remain a priority.
“What consumers will find reassuring is that removing the need to sign for purchases will not have any impact on safety”, said Linda Kirkpatrick, an Executive Vice President at Mastercard. “Our secure network and state-of-the art systems combined with new digital payment methods that include chip, tokenization, biometrics and specialized digital platforms use newer and more secure methods to prove identity.”
Already more than 80 percent of Mastercard in store transactions in the US and Canada today don’t require a cardholder signature at checkout, and that number could reach 100 percent after April 2018.