The phase-out of signature verification for most credit and debit card transactions began in earnest today.
If you haven't heard that the phase-out of signature verification for most credit and debit card transactions begins in earnest this Friday, you must be living under a rock.
While many people have been happily using PINs to authorise credit and debit card transactions for some time, the option to sign the docket for most customers will start to disappear on Friday, 1 August.
The change will not be instant, but it should be completed by Saturday 18 October.
'Tap and go' (payWave/PayPass) payments continue as before, as do the arrangements whereby certain low-value transactions can be made without entering a PIN.
The Commonwealth Bank suggests businesses make sure their staff are informed about the change, and that they realise that even after 18 October some cards (notably those issued to customers with special requirements) will still allow signature verification.
While there is some concern in the hospitality industry that tips will be affected, various providers (including Clipp, Quest and Commonwealth Bank) have made provision for adding a tip to the final amount charged, and the Commonwealth Bank says merchant terminals that currently have the 'deferred tipping' function will be automatically updated with 'pay at table tipping' in time for the changeover.