No more signatures.
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.”
The company directed merchants and partners to find information and resources at: https://www.visa.com/chip/personal/security/chip-technology/index.jsp.