Mastercard Will Be the First to Remove Magnetic Stripes from Its Credit Cards

Mastercard is really pushing the envelope when it comes to the future of credit cards, and their latest announcement is one of the more clever moves I’ve seen. Instead of using a traditional magnetic strip, they plan to employ a type of biometrics that can be more secure…

One of the most iconic features of credit cards is their magnetic strips: a thin strip of metal that stores a users account number. By swiping one’s credit card, it verifies that the card is valid and that the account number is the same as the one on the card. However, this security feature is about to be phased out. Mastercard has announced that they will be the first major credit card brand to remove the magnetic strip from the back of their cards.

When you swipe your credit card, you expect it to be read by a machine, but when you see Mastercard’s new card, you might be shocked. According to the company, the new card is completely mag-stripe free, and will have all contactless transactions made by NFC. Instead, the card will have an embedded microchip, like a digital version of the old-fashioned swipe card.. Read more about mastercard credit card and let us know what you think.

Mastercard image

This week, Mastercard revealed that it would be the first payment network to use magnetic stripes to swipe left. Since its introduction in the 1960s, the technology has been a mainstay of credit cards, but it is now being phased out in favor of alternatives that offer greater levels of protection.

According to Mastercard’s post, the magnetic stripe is being phased out owing to the widespread adoption of EMV chip-based payments and contactless methods (such as digital wallets), which are now favored by the vast majority of customers.

Only 11% of Mastercard users, according to a recent study, utilize the magnetic stripe. EMV chips are currently utilized for 86 percent of face-to-face card transactions worldwide, according to the firm.

In 2024, Mastercard will begin the process of eliminating magnetic stripes. Stripes will no longer be needed on the payment giant’s credit and debit cards starting in that year. Beginning in 2027, US banks will longer be required to provide chip cards with a magnetic stripe.

By 2033, none of Mastercard’s credit or debit cards will contain magnetic stripes, according to the company.

Mastercard Will Be the First to Remove Magnetic Stripes from Its Credit CardsMastercard image

IBM saw the potential of magnetic tape for coding information onto cards in the 1960s. Before it was applied to cards, the technology was already in use for audio recordings and computer disk storage.

According to legend, IBM engineer Forrest Parry couldn’t figure out how to attach a strip of tape to a plastic identification card for the CIA and told his wife, who advised melting the strip to the badge using her flat iron. It wasn’t exactly the sort of gear IBM was known for, but it got the job done.

Mastercard is the source.

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Mastercard is one of many large companies quietly going to the cashless future. They have said that they are planning to phase out the magnetic strip in all their credit cards and replace it with EMV chips. They say it will help protect you from fraud, but it also makes life a lot easier.. Read more about mastercard to stripe first payments to and let us know what you think.

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The magnetic strip on a credit card was invented in the 1950s.”}},{“@type”:”Question”,”name”:”How do you remove a magnetic strip from a credit card?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”
You can use a credit card to remove the magnetic strip from another credit card.”}},{“@type”:”Question”,”name”:”Who invented the magnetic strip on cards?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”
The magnetic strip was invented by James Richardson in 1835.”}}]}

Frequently Asked Questions

When was the magnetic strip on a credit card invented?

The magnetic strip on a credit card was invented in the 1950s.

How do you remove a magnetic strip from a credit card?

You can use a credit card to remove the magnetic strip from another credit card.

Who invented the magnetic strip on cards?

The magnetic strip was invented by James Richardson in 1835.

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