Mastercard to End Magnetic Strip on Cards

[upnorth]

Content source

https://www.bbc.com/news/technology-58206591

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.

www.bbc.com

 

[Dave Russo]

Glad to see, there in a rush to improve security 2033 Lol. thanks for the article

upnorth​

 

[Local Host]

i'm in EU, so I don't remember the last time I saw anyone using the strip.

99% of the people here, are already using contactless payments, which is already the next step beyond the chip-n-pin the USA hasn't been able to enforce yet lol.

 

[rsonic]

Wait, so how else do you pay strippers? I know that they have the slide reader, but I don't think they have the chip reader; then again it's been a long time since I visited that type of gentleman's club?

QR Code payments, bro.