Signing For Purchases Soon To Be A Thing Of The Past

Feb 10, 2014 -- 3:31pm

SIGNING FOR CREDIT CARD PURCHASES SOON TO BE A THING OF THE PAST: Having to sign the sales receipt when you buy something using a credit card is soon to be a thing of the past, with the Wall Street Journal reporting that Visa and MasterCard are getting rid of swipe-and-sign transactions. Starting in October 2015, all Visa and MasterCard transactions will have embedded chips instead of magnetic strips and be verified with a personal identification number (PIN) that you enter instead of a signature. The U.S. is actually behind on this, since most of the developed world already uses chip-and-PIN cards, and because of that, they have lower rates of credit card fraud.

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