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VISA, MasterCard, Discover & American Express have dropped the Signature Requirement

Super Contributor

VISA, MasterCard, Discover & American Express have dropped the Signature Requirement

As reported on Doctor of Credit January 12, 2018, Visa joined the other three networks and eliminated the need to sign at check out. It was also reported that local merchants have the option to still require the signature. Of interest was a comment that the reason they haven’t moved to a mandatory PIN is because they are scared that requiring a PIN will reduce the likelihood that a card will be used (either because it slows down the transaction or because the cardholder forgets their PIN).

 

Visa will make the elimination of the Signature effective to April 1st, 2018. Enjoy the change Smiley Happy

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Message 1 of 6
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Regular Contributor

Re: VISA, MasterCard, Discover & American Express have dropped the Signature Requirement

Now if more American credit card companies can adopt pin #s. None of my credit cards have those yet. Granted I keep a very small stable of credit cards too. But I’d have no problem using my pin at every transaction like debit cards. 



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Message 2 of 6
Valued Contributor

Re: VISA, MasterCard, Discover & American Express have dropped the Signature Requirement

Side note, Visa is only eliminating the signature requirement for EMV-complient terminals. They will still allow the store to require signatures, and will still require signatures for terminals not EMV-complient. Granted, I haven't been anywhere still swiping recently where a >$50 purchase is likely.


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Message 3 of 6
Established Contributor

Re: VISA, MasterCard, Discover & American Express have dropped the Signature Requirement

I don't guess this will bother me most of the places I use my visa/mc still use the mag stripe and require a signature. 

 

I feel like I am in an old film signing the slip of paper.

 

I would forget my pin or set all of the pins to the same number. I only remember my Redcard's pin.

 

Have no clue what my debit pin is I hope I don't need it ever.

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Message 4 of 6
Valued Contributor

Re: VISA, MasterCard, Discover & American Express have dropped the Signature Requirement


Dinosaur wrote:

As reported on Doctor of Credit January 12, 2018, Visa joined the other three networks and eliminated the need to sign at check out. It was also reported that local merchants have the option to still require the signature. Of interest was a comment that the reason they haven’t moved to a mandatory PIN is because they are scared that requiring a PIN will reduce the likelihood that a card will be used (either because it slows down the transaction or because the cardholder forgets their PIN).

 

Visa will make the elimination of the Signature effective to April 1st, 2018. Enjoy the change Smiley Happy


i'm not really sure why the networks are allowing merchants to keep the signature. Either keep the current practice or get rid of the signatures completely and force the merchants to comply. 

 

The PIN argument is also laughable. 

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Message 5 of 6
Established Contributor

Re: VISA, MasterCard, Discover & American Express have dropped the Signature Requirement


depdep8 wrote:

I don't guess this will bother me most of the places I use my visa/mc still use the mag stripe and require a signature. 

 

I feel like I am in an old film signing the slip of paper.

 

I would forget my pin or set all of the pins to the same number. I only remember my Redcard's pin.

 

Have no clue what my debit pin is I hope I don't need it ever.


 This would be the major problem with requiring PIN's at POS fore very card.  You'll either see many people using the same PIN on all cards, or they would keep an actual list in their phone or their wallet with all the PINs listed.  Both are equally bad security risks.

 

 I don't think it would reduce creditcard usage... but I think it would reduce the NUMBER of credit cards a consumer uses.

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