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Mastercard: Confirms timescale for phasing out magnetic stripe

Mastercard: Confirms timescale for phasing out magnetic stripe

  • Mastercard has confirmed it will phase out magnetic stripe technology on its credit and debit cards
  • It has announced it will support stripe-less cards from 2024, with all cards going this way by 2033.
  • The firm says chip-and-pin and biometric cards that use fingerprints and other technology offer greater security
  • It claims to be the first payment network to set out the phased withdrawal of the technology.
  • The stripe will no longer be required on new cards in select regions including Europe from 2024
  • Magnetic stripes have been around since the 1960s and became the primary method of processing debit and credit cards
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