Oyin Adedoyin
speaker
1,572 appearances
36 recordings
1 series
first heard Mar 2023
last heard Feb 2025
Oyin Adedoyin’s voice in public audio — every appearance, attributed to the second.
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Appearances
Today,
A merchant can easily swipe a card or accept a tap to pay, and that goes to the bank immediately, and that charge can be authorized.
In 2018, the major payment networks, including Visa, MasterCard, Discover, and American Express announced that merchants no longer needed to collect signatures when it came to purchases.
They even encouraged individual consumers that they didn't have to sign the back of their cards anymore.
That's because technology has advanced so much when it comes to payments.
There are chips that are embedded in our credit cards and debit cards that secure those transactions.
And there are pin codes now associated with the purchase.
So whenever a customer buys something, they can press a three or four digit code that also secures that transaction.
All of these advancements are making the signature essentially obsolete.
Exactly.
It's one of those weird things that's lingered around for years, and people are so used to doing it that old habits die hard.
Even for some merchants, they don't have to include the signature line.
That's what makes it so confusing, right?
Sometimes you're signing, sometimes you're not.
And the interesting thing here is that it really depends a lot on technology.
So some businesses have more updated point of sale systems, right?
You might be used to seeing those toast or square pads where you can make your purchase on in those types of things.
businesses can actually choose to not have the signature portion as part of the transaction.
But if you're seeing maybe an older register, that is still going to print out a paper receipt that's going to have that signature line on the bottom.
So it really depends on the business and what kind of technology they have when it comes to payments.
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