Mastercard is ditching the magnetic stripe starting in 2024

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Chris Smith

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Mastercard announced that all of its debit and credit cards will lose the iconic magnetic stripe starting in 2024. Various advancements in payment technology have made the magnetic stripe unnecessary. Many people use contactless cards or even their phones to pay for goods rather than swiping a card. It’s not just more convenient -- it’s also more secure. The move to stripeless cards will be gradual so that people can adjust to the change. In some markets, this will start as early as 2024. But Mastercard will retire magnetic stripes altogether by 2033.

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Mastercard is ditching the magnetic stripe starting in 2024 originally appeared on BGR.com on Tue, 17 Aug 2021 at 11:25:15 EDT. Please see our terms for use of feeds.

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