December 11, 2017
American Express is Eliminating Signature Requirements Worldwide
Discover has announced that it will no longer require signatures for transaction in the United States, Canada, Mexico, and the Caribbean starting in April 2018. MasterCard has announced that it will no longer require signatures for transactions in the United States and Canada. American Express just one-upped both of them by announcing that it will eliminate signatures requirements worldwide starting in April 2018.
American Express said the move will “provide a more consistent and simplified checkout experience for merchants and Card Members in regions around the world, speed up the process of paying in store and help reduce merchants’ operating expenses associated with retaining signatures.”
There’s really not much need for signature verification at this point, and most merchants don’t even verify signatures to begin with. Credit card companies have algorithms and fraud detection systems in place which generally do a good job of freezing your card when there’s a suspected incident of fraud. And with the growth of online shopping, chip and pin cards, and contactless payments, more and more purchases are being made without signatures. Let’s see if Visa matches these changes before April.