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Aug192021

Mastercard to phase out magnetic strips

DateThursday, August 19, 2021 at 1:42AM

Source: Mastercard

Mastercard is ready to let go of the magnetic strip on its cards. The company plans to transition to chip cards starting in 2024, particularly in regions where it's already a norm (like in Europe). Those regions where chips aren't widely used yet will begin their transition in 2027. 

By 2029, no new credit or debit cards will be released with a magnetic strip. The exceptions will be prepaid cards in the US and Canada. Mastercard plans to transition away from magnetic strips by 2033.

Source: Mastercard | Via: GadgetMatch

AuthorNicole Batac | CommentPost a Comment |
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