MasterCard is revising its standards for Quick Payment Service and Cardholder's Signature. Please see the summary below for additional information. This is strictly informational and no further action is required from you.
Effective Date: November 1, 2022
Outline of Changes being Implemented and what MasterCard is doing:
MasterCard is removing references to the Quick Payment Service (QPS) program and revising standards relating to the collection of cardholders' signatures, to reinforce that MasterCard does not require the physical collection of a signature when the terminal determines signature as the applicable CVM for a transaction. The revisions also include the removal of references to retrieval requests and a related compliance case filing right and a clarification of the information required on a POS transaction receipt.
The revised standards announce that MasterCard no longer requires physical signature collection for any transaction completed using signature CVM processing, regardless of the amount. Therefore, MasterCard is sunsetting the QPS program, effective immediately.
MasterCard does not require a merchant to provide a printed transaction receipt if the cardholder declines to receive one or chooses to receive the receipt by other means such as through email or text message.