Almost a month ago, the American and Mastercard had determined to halt the requirement of signatures for EMV chip credit cards. For now, Visa has decided to join their rankings delivering signatures as an optional option for chipped signatures in North America.
Visa spokesperson, Dan Sanford said:
“Visa is committed to delivering secure, fast and convenient payments at the point of sale. 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.”
Apparently, Contact and contactless chip-enabled point of sales have been dominating the market. Due to the enhanced security and convenience of retail transactions, this chip-enabled point of sales is emerging.
Visa stated that it has deployed more than 460 million EMV chip cards and readers at more than 2.5 million locations around the world.