Signing Off: Mastercard Moves Beyond Signatures Worldwide
October 18 2018 - 12:01AM
Business Wire
Mastercard is the first network to make
signatures optional on the card and in the store
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.
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.”
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.
Survey Methodology
All figures, unless otherwise stated, are from an independent
global market research firm. Total sample size was 1,211 adults.
Fieldwork was undertaken from September 26-27, 2018. The survey was
carried out online via an omnibus survey. The figures have been
weighted and are representative of all U.S. adults (aged 18+).
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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Mastercard Communications:Robyn
Cottellirobyn.cottelli@mastercard.com914.356.5406
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