World's biggest credit card firms will do away with signatures

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Signing on the dotted line when making in-person purchases with your credit card will soon become a thing of the past. Four of the biggest credit card networks will no longer require signatures for credit card transactions, as of later this month.

The big four are AmEx, Discover, Mastercard and Visa, and these companies are now throwing the ball into the retailers’ part of the court. It is now up to them to decide whether or not to keep asking for signatures.

The media are saying that the chances of that happening are very slim, if any.

On that note, Engadget says Walmart will definitely ditch the practice, as it already calls these signatures “worthless”. Target will most likely get rid of signatures at the same time credit card companies do. Merchant groups are soon to follow.

Even though there are some instances where having a signature might be useful (like, for example, when someone makes a claim about a past bill), technology has moved too far ahead for these signatures to make any difference. There are many stronger anti-fraud protections that are already in place.

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