CVM? Cardholder Verification Methods
New options for Merchants in the USA and Canada
Issued from VISA " From 14 April 2018, EMV-enabled merchants in the U.S. and Canada have the option to stop capturing signatures as a method of cardholder verification. Those same merchants will also no longer be required to retain and store transaction receipts. Eligible merchants that elect to stop capturing a signature are able to do so for any transaction amount. The changes apply to all transactions at EMV-enabled merchant terminals, regardless of interface or whether the card is domestically or internationally issued. For EMV-enabled merchants that prefer to continue to capture a signature as a method of cardholder verification or use a signature for ensuring the cardholder’s acceptance of additional terms and conditions of a sale , this announcement has no effect on cardholder verification methods. At the same time, they will not be required to retain and store those receipts.
Note: Non-EMV-enabled merchants must continue to follow existing acceptance practices regarding cardholder verification and receipt retention."
This option was brought to the market to bring convenience as the ongoing migration to EMV chip.Another convenience is VISA will be removing the requirement to keep transaction receipts. These updates represent the industry's encouragement for EMV chip.