We have reached yet another pinnacle in payment technology and payment security with 80 percent of Mastercard in-store transactions not needing a cardholder signature at checkout. Although it sounds like a small milestone, such news provides concrete evidence of adjusted customer convenience with growing levels of security on credit cards and debit cards. Mastercard’s new digital payment methods include chip, tokenization, biometrics, and specialized digital platforms with newer and more secure identity protection as well! This comes after Mastercard introduced a Early Detection System to help financial institutions prevent serious attacks. Mastercard projects eliminating all signature requirements by April 2018.
Mastercard Eliminates Signature Requirements Summary:
- Mastercard is the first payment network to announce a methods of eliminating signature requirements.
- Currently, 80% of checkouts do not require signatures for Mastercard cardholders
- By April 2018, Mastercard will eliminate signatures as a requirement in whole
Conclusion:
The signature requirement, in practice, doesn’t really provide any additive security as many people think it should. Mastercard doing away with Signature requirements is a pretty solid move in my opinion. I’m assuming that they are going to integrate PIN technology as a replacement. Some things to note, currently, 80% of checkouts do not require signatures for Mastercard cardholders. By April 2018, Mastercard will eliminate signatures as a requirement in whole. To conclude this post, be sure to check out our complete list of Credit Card Promotions for all your credit card bonus needs!
