Visa to Expand No Signature Transactions in July
Visa has announced that it will expand the number of merchant categories that will be eligible to sign up for its popular "no signature" program in July.
Under the no signature required program, retailers are able to accept Visa branded cards for transactions of $25.00 or less without requiring the cardholder to sign the receipt. Retailers like the program because, Visa says, it can cut the time spent per transaction by up to a third.
"Visa's No Signature Required program has been enormously popular with Visa cardholders and merchants in busy retail environments like quick service restaurants and coffee shops," said Bill Sheedy, president with Visa Inc. for the Americas. "Innovation comes in many forms and enabling Visa cardholders to swipe their card and go at most U.S. retailers is a small, but significant advance in the ongoing migration to digital currency."
Visa reported that currently 26 merchant categories are eligible for the no signature required program including: auto parking lots and garages; bakeries; book stores; bus lines; candy, nut and confectionery stores; car washes; dairy stores; drug stores and pharmacies; dry cleaners; fast food restaurants; laundries; local commuter transport; miscellaneous food stores; motion picture theaters; news dealers and newsstands; quick copy services; restaurants; service stations; taxicabs and limousines; tolls and bridges and video rental stores.
The expansion will open the program up to 98% of retailers, Visa said.