Changing consumer habits, as well as the development of new technologies, have led Mastercard to say goodbye to magnetic tapes on debit and credit cards from 2024 onwards, and this transition is expected to be completed within a decade.
Magnetic stripes can be found on cards since the 1960s, in what was an invention attributed to IBM. Mastercard says in release.
But now, the magnetic stripe’s expiration date is about to expire with Mastercard being the first payment network to eliminate it, he says, justifying the decision with “a change in consumption habits in payments and the development of new technologies.”
“Today, smart cards contain more capable and secure microprocessors,” Mastercard says. In this sense, new credit and debit cards will not have a magnetic stripe from 2024 in most markets.
The goal, he says, is that “by 2033, MasterCard credit and debit cards will no longer have magnetic stripes,” allowing time for partners who still rely on this technology to make the transition.
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