Australian Competition Commission to allow removal of signatures from credit cards

The Australian Competition and Consumer Commission (ACCC) is proposing to allow credit card companies to abolish signatures as a method of card authentication.

The Australian Competition and Consumer Commission (ACCC) is proposing to allow credit card companies to abolish signatures as a method of card authentication.

The ACCC proposes to give Visa, MasterCard and American Express and participating financial institutions the responsibility of co-ordinating the removal of signatures for most transactions where the card and cardholder are present.

ACCC Commissioner Jill Walker said: "A coordinated approach and a single message from the industry are likely to lead to some efficiencies and less confusion for customers and merchants.

"This coordination is unlikely to significantly reduce competition, as the card schemes will continue to compete on fees and all other aspects of their product and service offerings to financial institutions, merchants and cardholders."

 

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