Beginning this month, major credit card companies will no longer require a signature for most credit card purchases. This has become a standard practice for small purchases, but will become a more acceptable practice on all credit card purchases.
First, it will speed up the process at the counter.
Second, millennials—now America’s largest age bracket—do not like to sign their name, especially legibly in cursive.
Third, at the point of transaction, verifying signatures on the back of credit cards is rarely done; that effectively nullifies any level of fraud protection.
Fourth, it’s a way for plastic to compete with Near-Field Communication (NFC) and other digital technologies. Payment methods that don’t require plastic cards or signatures are fast becoming the preferred way to make payments.
In the changing landscape of banking, the world of making payments will continue to evolve. Public entities and higher Ed institutions that adapt to ongoing changes will be viewed as leaders by their clientele.
Fewer bank branches, digital technology options, and the desire to lower costs are all paving the way to over-the-counter and online innovations. The quicker your organization adapts to them, the better it will be viewed and appreciated by those it serves.