Over the course of about 10 years, Mastercard will definitely say goodbye to the magnetic stripe on credit and debit cards. It starts in 2024, but the process will be completed definitively in 2033. Space for contacless payments with different security and authentication technologies. Mastercard claims it will be the first payment network to eliminate a technology that has accompanied us since the 1960s and was invented by IBM. “Magnetic stripe will begin disappearing in 2024 from Mastercard payment cards in regions, such as Europe, where chip cards are already widely used. Banks in the United States will no longer be forced to issue chip and magnetic stripe cards at starting from 2027. […] No new magnetic stripe Mastercard credit or debit cards will be issued by 2029. Prepaid cards in the US and Canada are currently exempt from this change. By 2033, no credit and debit cards Mastercard will have magnetic strips. “
° BLOG ° Gabriele Romano 