Mastercard plans to eliminate magnetic strips on its credit and debit cards over the next decade. The news comes directly from the company, which announced that it is moving to more secure storage chips.
The change will start in 2024, and the first to benefit from it will be countries in Europe, as the legislation allows. At a later stage, the change is expected to spread to the United States, most likely after 2027.
In 2029, Mastercard will stop offering new debit or credit cards with a magnetic stripe, and in 2033 they are expected to have disappeared completely and are no longer in use.
–