Technology changes and so does a tool that we use on a daily basis. Mastercard, giant of digital payments, has in fact announced that it will disappear band magnetic, present on all credit cards for about 50 years. The little strip was revolutionary. It has in fact allowed greater security and real-time authorization of transactions, discouraging the use of the most inconvenient cash worldwide.
Initially designed to identify the staff of the Cia, the magnetic stripe was soon adopted by banks to associate current account information with payment cards.
Goodbye to the magnetic stripe on credit cards from 2024 to 2030
But, we said, the technology has now evolved in new directions, and Mastercard has put an expiration date on the famous strip. It will gradually disappear from 2024 until the 2030, when it will no longer be present on its new cards, and it is foreseeable that all the other companies will follow suit in the coming years.
The chip already present on credit and debit cards, it is in fact equipped with microprocessors capable of containing more information and at the same time making payments safer. The biometric ones are also associated with unique data, such as the fingerprint, even more theft-proof.
The revolution of contactless he then made it unnecessary and annoying to “swipe” the card, with the magnetic stripe now relegated to an heirloom of the past and a mere anachronistic decoration on the cards. Even 1 in 9 American citizens declares that without the strip, considered unsafe, they would use electronic payments more.
Credit cards without a magnetic stripe, only microchips will work
Today the chips Emv, introduced around the end of the 1990s, are used in 86% of transactions worldwide. With the revolution of the sector by Mastercard, it is reasonable to think that devices that also read magnetic strips will totally disappear.
By 2033, according to the roadmap, none credit card of the company will have the strip, considering that the latest products will expire and will be replaced that year by the new models with biometric chips.
To adapt, competitors and manufacturers of Pos they therefore have 12 years ahead, in which it is possible, however, that digital payments will be the master smartphone, an object that has now become indispensable in our lives thanks to its versatility and ease of use.
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