Do you remember the last time you signed a check or a receipt? If the answer is “I don’t remember,” you’re not alone. The signature, that seemingly irreplaceable and personal gesture, is quickly becoming a thing of the past in the world of payments. But why? And what’s taking its place? The answer lies at the heart of the technological revolution that is transforming the way we handle money. From contactless credit cards ai biometric authentication systems, the future of payments is already here, and it doesn't need your Bic (I didn't say Montblanc because I like to fly low).
The signature: a gesture on the way to extinction
The signature, that solemn act that was once the seal of guarantee on every transaction (and on school justification booklets) is rapidly losing its role in the world of modern payments. In 2018, credit card giants like View, Mastercard, Discover e American Express have officially eliminated the requirement to sign for transactions. That is, if you like, the beginning of the decline. This change marked a significant turning point in the way we conduct our daily financial transactions.
Why this change? The answer lies in the evolution of fraud prevention technology. Advanced security systems have made signatures less and less necessary, replacing them with more sophisticated and, surprisingly, more effective methods.
Artificial intelligence instead of the pen
Instead of signatures, credit card companies now rely on highly sophisticated risk-scoring systems. These systems analyze each transaction against the cardholder’s normal spending patterns, flagging any unusual activity. Mark Nelsen, Visa's global head of consumer payments, recently explained to Wall Street Journal:
Risk scoring has essentially replaced the need for signature verification.
This approach proved to be much more effective than manually comparing signatures, which itself was often more of a formality than a real security measure.
The “Resistance” Exists: The Last Heroes
Despite the official change in payment policies, many companies continue to ask customers to sign receipts. Interestingly, the United States are unique in their persistent attachment to signatures. In Europe and many other parts of the world, signatures are generally not required for credit card purchases. This raises interesting questions about why some cultures are more ready to embrace technological change than others (the Japanese's unhealthy passion for for fax). Why this resistance to change? There are several reasons:
- Some companies fear alarming customers who are used to signing.
- Older point of sale systems may still automatically print signature lines.
- Some industries, such as restaurants, bars, and healthcare, are more likely to require signatures.
But even when signatures are still required, few seem to pay attention. James Green, a forensic document examiner (pictured), says he signed “Santa” on a receipt for a $200 purchase, which was processed without a problem. This anecdote demonstrates how the signature has become more of a formality than a true security measure.
The signature is dead, and even the handwriting doesn't feel right
As the importance of signatures declines, so does their quality. With fewer and fewer schools teaching cursive writing and calligraphy, signatures are becoming increasingly illegible. People are putting less effort into them, some even struggling to sign their names consistently. Is this true or not? This is empirical, but I would like to know if you have the same impressions as I do.
Sure, signatures remain essential in some situations. For example, they are still required on checks, though they are scrutinized less than other fraud detection factors. They also play a role in identity verification and in financial and legal contracts. However, it is clear that their practical value is declining. That they persist is a testament to the power of tradition and entrenched consumer behavior.
Conclusion: A new chapter in payments
This “long goodbye” to signatures as part of our daily transactions is a gradual entry into the new era of digital payments. A transition that offers greater security and convenience, but also raises interesting questions about privacy and data security. The disappearance of signatures from our daily payments is more than just a technological shift: it is a symbol of how our society is evolving. Whether you are ready or not, the world is moving forward, one contactless payment at a time: but don't lose your practice, practice your handwriting.
A signature, unlike what Juliet said about roses, is not just a label. It is still a small, very human gesture of self-affirmation. And it is done by hand! A rare commodity, in the future that lies ahead. Or not?
