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Visa Will Make Signatures Optional for Chipped Credit Cards

posted by janrinok on Monday January 15 2018, @04:55AM   Printer-friendly
from the do-people-still-sign? dept.

Fnord666 writes:

It's been about a month since American Express and Mastercard decided to stop requiring signatures for EMV chip credit cards. Now Visa is joining their ranks, making signatures optional for chipped transactions in North America.

"Visa is committed to delivering secure, fast and convenient payments at the point of sale," said VIsa's Dan Sanford in a statement. "Our focus is on continually evolving the market towards 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."

Source: https://www.engadget.com/2018/01/12/visa-signatures-optional-credit-cards-emv/

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  • (Score: 3, Interesting) by JoeMerchant on Monday January 15 2018, @06:03AM (2 children)

    by JoeMerchant (3937) on Monday January 15 2018, @06:03AM (#622449)

    2 to 3% transaction fees seem more than adequate to cover fraud.

    I invested in Visa shortly after they went public. They're up about 700% in the last 9 years, sustained 24% annual growth isn't bad...

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  • (Score: 2) by DannyB on Monday January 15 2018, @05:34PM (1 child)

    by DannyB (5839) Subscriber Badge on Monday January 15 2018, @05:34PM (#622630) Journal

    That 2 to 3% transaction fee, plus, I suppose, the outrageous interest paid by people who actually borrow money on their credit cards, is what pays for a significant chunk of my personal flights, disney dollars, amazon dollars, etc.

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    • (Score: 2) by JoeMerchant on Monday January 15 2018, @07:14PM

      by JoeMerchant (3937) on Monday January 15 2018, @07:14PM (#622668)

      I used to think they made their money on interest and service charges, but I wonder (not enough to actually dig into a quarterly report)... on balance, those same people who incur the interest and service charges are probably the source of most, perhaps nearly all, of their late-payment, non-payment, default, bankrupcty, fraud and other issues.

      Maybe in the past it cost more than 2% to manage the basic cash flow, but I'd bet it costs less than that now.

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