STRATEGIC PARTNERS
October 22, 2018
Mastercard has announced that cardholder signatures will now be optional, both on the card and on receipts.
For cardholders, this means a more streamlined point-of-sale experience, according to a press release. Already, consumers enjoy this experience 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 a third of those 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.
Starting in April 2019, Mastercard issuers globally will no longer be required to include a signature panel on the back of Mastercard products.
"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, Mastercard executive vice president for U.S. Merchants and Acceptance. "Issuers, merchants and cardholders will benefit from this change as faster, safer options improve satisfaction and increase sales."
