Swipe your card once and the purchase is paid for: this is made possible by the magnetic stripe on the back of credit and debit cards. Thanks to modern chips on cards, the black bar is hardly used anymore. That’s why Mastercard wants to end it.
Mastercard wants to publish credit cards without magnetic strips in the future. The company announced this in a blog post. From 2024, the company plans to issue the first card without stripes.
This is because the integrated . More and more payment transactions are being done through Piece will be fixed in the cards. According to Mastercard, this technology is “far more powerful and more secure” than Magnetic Stripe technology. The company also mentions biometric cards that combine fingerprints with chips to verify the identity of the cardholder.
By 2024, Mastercard wants to be in Europe Will no longer issue cards with magnetic stripes. According to the company, many people are already dependent on chip technology. banks In America Cards without magnetic stripe will not be available until 2027. Beginning in 2029, Mastercard will eventually phase out the technology in its cards. From 2033, company cards with magnetic strips will no longer be in circulation.
Image of a potential Mastercard without magnetic stripe that the company has published on its website. (Source: MasterCard)
Magnetic Stripes Make Payments Easier
There was a great technological advancement on the magnetic stripe when it was introduced in the 1960s. Previously, card data had to be copied manually using carbon paper – hence the name, Credit Card Number And the expiry date till date is engraved on the cards.
The magnetic stripe allowed this data to be stored digitally. Map To be stored so that these can be automatically read and processed digitally with card terminals. In the end, the magnetic stripe paved the way for the successor technologies used today. Because even modern (radio) chips can only be read from the appropriate card terminal.
Nowadays, users can keep their card with the reader while making payment and no longer need to put it anywhere or swipe it. In addition, it is now also possible to pay by smart Fone Possible: Users can use Apps How Google salary and hefty pay Save your payment information and pay for your purchases.
