NEW YORK—The need for a signature at the point of sale is going away.
American Express, Mastercard, Visa and Discover have each announced that, starting in April, they will no longer require signatures on any U.S. and Canadian credit card purchases, the Atlanta Journal-Constitution reported.
American Express is making the change for all its transactions worldwide. Visa hasn't announced any plans to do the same, the Atlanta Journal-Constitution stated, but there's speculation Visa may eventually do so, as well.
“That pretty much would fully evaporate what may be the most common reason U.S. consumers still bother writing signatures, which were once the most prominent symbol of our financial integrity and proof of our identity,” the Atlanta Journal-Constitution said.
“Signatures may be going the way of the lava lamp,” William McCracken, president of Phoenix Synergistics, a metro Atlanta-based consumer market research company focused on financial services, told the Atlanta Journal-Constitution.
after July 1, 2010; or (b) August 15, 2010, if the account was opened prior to July 1, 2010,” ClassAction.org reported.