Mastercard To Begin Eliminating The Magnetic Stripe In 2024
Magnetic stripe credit cards have been around since 1960, but now Mastercard plans to be the first to stop using the stripe for credit and debit cards.
Beginning in 2024, new cards will not be required to have the magnetic stripe, and by 2033, Mastercard says the technology will be removed from all cards.
Chips are far more secure than the magnetic stripes, and the majority of face-to-face card transactions use this chip tech now. Also, biometric cards that use fingerprints to verify the cardholder’s identity are on the rise.