Business News: Visa Dropping Signature Requirement for Chip Cards


January 12th, 2018 by
Business News: Visa Dropping Signature Requirement for Chip Cards

Visa Dropping Signature Requirement for Chip Cards

Business News: Visa Dropping Signature Requirement for Chip Cards
Business News: Visa Dropping Signature Requirement for Chip Cards

Visa said today (Jan. 12) in a blog post that it is making the signature an option — and no longer a requirement — for EMV chip-enabled merchants across North America. That shift, for contact or contactless payments, goes into effect April 2018.

At the same time, Visa said in its posting that it will continue to invest in initiatives tied to advanced analytics and biometrics. Those investments and focus, the company said, will help “define the future of payments security.”

Over the last seven years, as chip technology has entered the market, Visa has deployed more than 460 million chip cards and readers at more than 2.5 million U.S. locations, according to the post.

As has been noted by the firm and in this space, in the two years since EMV chip cards launched in the United States, fraud has declined by 66 percent.

Dan Sanford, the company’s VP of Product Initiatives, said that “Visa is committed to delivering secure, fast and convenient payments at the point of sale. Our focus is on continually evolving the market toward dynamic authentication methods, such as EMV chip, as well as investing in emerging capabilities that leverage advanced analytics and biometrics. We believe making the signature requirement optional for EMV chip-enabled merchants is the responsible next step to enhance security and convenience at the point of sale.”

In news previously related to the waiving of signatures, Mastercard, Discover and Amexalso had done away with the requirement.

Catiana

About Catiana Saillant

As a child, I've always loved music. From different genres such as Hip-Hop, R&B and Pop. Music allows you to be creative and express yourself the way that you please to. I've sought music to be a place where you can be YOU. You can dance, cry, laugh and do all kinds of crazy things to music. That is what makes me so passionate about what I do! My ultimate goal is to build a mainstream media platform that represents and supports culture such as paintings, music, film and provide empowering media coverage to my viewers.

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