BLINK

JP Morgan Chase just upgrade me to a “Blink” branded Mastercard. According to howstuffworks.com the new card works like this:

 

The new blink credit card is just like a regular credit card in many ways. It has the account holder's name and the account number embossed on the front of the card. On the back is a magnetic strip containing the account information, so the card can be used anywhere regular credit cards can be used. The key difference is inside the card.

Embedded within the blink card is a small RFID (radio frequency identification) microchip. When the chip is close enough to the right kind of terminal, the terminal can get information from the chip -- in this case, the account number and name. So instead of swiping the magnetic strip on the card through a standard credit-card reader, card holders simply hold their card a few inches from the blink terminal. The card never leaves the card holder's hand.

Ok but here is my question. Will the merchant still ask to see my ID when I make a purchase? And really, how much time is saved between swiping the card as opposed to holding it close to the card reader? I still have to sign the receipt don’t I?