Visa raises ‘no signature required’ limit
Consumers using Visa cards at point-of-sale (POS) terminals may enjoy smoother transactions during future shopping trips, as the financial services provider has announced its decision to raise the "no signature required" limit from $25 to $50.
Starting in October 2012, discount retailers and grocery stores in the United States will be able to accept credit and debit card transactions up to $50 without requiring Visa card holders to sign receipts or enter their personal identification numbers (PIN). Visa hopes this will expedite the point-of-sale process while also bolstering end user convenience.
"Visa is committed to delivering solutions to help our merchant and financial institution partners better serve their customers, reduce costs and grow their businesses," said William M. Sheedy, group president of Visa. "As a result, merchants have asked us to expand the program to purchases up to $50, so they can more efficiently support consumers' growing preference to use cards instead of cash or checks for purchases."
Americans' payment preferences have evolved over the years and it's crucial retailers support them by offering the options they want, regardless of whether it's cash or mobile wallets.
