Do you hate trying to sign your name on that little monitor when you use a credit card? By the time you scribble your name, it doesn’t even look like your signature.
Well, as of today, April 13, credit card signatures in the US will begin to phase out. But, not all credit card signatures and not everywhere.
According to TechSpot (and Slash Gear, and CNN Money, and Fortune and just about every other tech/finance site out there) Mastercard, American Express and Discover are all removing their requirement for a customer signature when making an in-store purchase. The Verge reports that Visa will follow later this month, maybe even as soon as Saturday.
Why? Well, remember when your credit and debit cards were replaced with cards that had chips in them? That was because the chips supposedly provide an extra amount of security. Also, the signatures slow down the transaction process and make the shopping experience more clunky.
But, just because the credit card companies are changing their requirements, it doesn’t necessarily mean that retailers are changing their policies regarding signatures. Walmart stopped requiring signatures already. But other retailers are likely to be more cautious when it comes to dropping the requirement for your signature.
As for the signatures required at the pharmacy when you purchase certain over-the-counter drugs? Well, I wouldn’t expect that to change anytime soon.