Cardholder signatures, both at the point of sale and on the backs of credit and debit cards, will now be optional for Mastercard customers worldwide. The move will speed checkout, and shoppers using contactless payment methods won’t need to worry about providing a signature.
Mastercard had eliminated its signature requirements for transactions in the U.S. and Canada in April 2018, the same month when competitors Visa, American Express and Discover also made signatures optional.
Additionally, an industrywide initiative designed to improve the security of online and other Card Not Present (CNP) transactions took a step forward today. EMVco, the industry consortium owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, released a draft version of its Secure Remote Commerce specification on Oct. 19. The release kicks off a 45-day public comment period that concludes on Dec. 3, 2018.
When the SRC specification is finalized in 2019, it is expected to:
• Define interfaces to allow for secure exchanges of payment data across participants in the digital commerce environment;
• Accommodate options for using dynamic data, such as cryptograms or other unique transaction data, to enhance security on a retailer’s SRC-enabled web…