To continue the ongoing migration to EMV chip, and to bring increased security and convenience to the point of sale, Visa is making the signature requirement optional for all EMV contact or contactless chip-enabled merchants in North America, beginning April 2018. Simultaneously, Visa continues to invest in emerging capabilities that leverage advanced analytics and biometrics to define the future of payments security.
“Visa is committed to delivering secure, fast and convenient payments at the point of sale,” said Dan Sanford, vice president, consumer products, Visa. “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.”
Since 2011, when Visa first outlined plans for the adoption of EMV chip technology, the company has supported financial institution and merchant partners as they have deployed more than 460 million EMV chip cards and EMV chip-enabled readers at over 2.5 million locations. Less than two years since EMV chip launched in the U.S., fraud declined 66 percent at EMV chip-enabled merchants.
Merchants and technology partners seeking resources or support for their EMV plans are encouraged to engage with Visa. For more information on Visa’s EMV chip technology solutions, visit: https://www.visa.com/chip/personal/security/chip-technology/index.jsp.