You might not have to sign credit card receipts anymore.
MasterCard, Visa, American Express and Discover are ending required signatures starting as soon as April 14. From there, it’ll be up to retailers if they want signatures.
MasterCard made its announcement in October 2017, saying that 80% of MasterCard store transactions don’t require the cardholders autograph — a signature is only needed for a purchase above $50. After that, other card companies followed suit.
Companies are ending signatures because new technologies have made them essentially useless. Plus, technologies have cut down on credit card fraud. Retailers who have upgraded to chip technology have seen a 70% drop in fraud. Chip transactions are also on the rise — 96% of U.S. payment volume was an EMV cards in December 2017.
“The payments landscape has evolved to the point where we can now eliminate this pain point for our merchants,” said Jaromir Divilek, Executive Vice President, Global Network Business, American Express in a press release. “Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. In addition, the majority of American Express transactions today already do not require a signature at the point of sale as a result of previous policy changes we made to help our merchants.”