- Jul 27, 2015
- Content source
Mastercard is to stop issuing cards with a magnetic strip.
By 2033, none of its debit or credit cards will have a strip, with banks in many regions including Europe able to issue the strip-less cards from 2024. The UK moved to chip-and-pin for all card payments in 2006, but in the US, some magnetic strip systems are still in use. Mastercard says chip-and-pin and new biometric cards that use fingerprints, offer greater security. The firm claims to be the first payment network to phase out the technology. A spokesperson told the BBC the level of global acceptance of chip-and-pin was such that the time was right to begin phasing out the magnetic strip. The slow phasing out is to leave what the firm calls a "long runway" for companies accepting payments to move to chip-and-pin.
Mastercard to end magnetic strip on cards
The company sets an expiry date of 2033 for the decades-old technology.