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January 14, 2018 06:00 pm

Following Other Credit Cards, Visa Will Also Stop Requiring Signatures

An anonymous reader quotes SiliconBeat:Visa, the largest U.S. credit card issuer, became the last of the major credit card companies to announce its plan to make signatures optional... Visa joined American Express, Discover, and Mastercard in the phase-out. Mastercard was the first one to announce the move in October, and American Express and Discover followed suit in December... However, this change does not apply to every credit card in circulation; older credit cards without EMV chips will still require signatures for authentication... Since 2011, Visa has deployed more than 460 million EMV chip cards and EMV chip-enabled readers at more than 2.5 million locations. "Businesses that accepted EMV cards reported a 66 percent decline in fraud in the first two years of EMV deployment," the article notes -- suggesting a future where fewer shoppers are signing their receipts. "In Canada, Australia and most of Europe, credit cards have long abandoned the signature for the EMV chip and a PIN to authenticate the transaction, like one does with a debit card."

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