The Mastercard company announced that starting in 2024, initially in Europe, it will begin to eliminate magnetic stripes from its credit and debit cards.

The goal is to move forward to the rest of the regions from now on and thus reach 2033 without a magnetic stripe on all its cards globally. It is planned that by 2029 no credit and debit cards will be issued with this type of band.

Mastercard will become the first payment provider to remove the magnetic stripe from its cards. However, it is a process that will be carried out in phases, since while in Europe the process will begin in 2024, in the UnitedStates it will begin in 2027, when the banks of the American country will no longer be obliged to issue cards with a magnetic stripe.

According to figures from Mastercard, chip cards are used all over the world and are a better payment option due to their greater processing capacity and protection of user data. In addition, the pandemic greatly boosted “contactless” payments, so this method is increasingly positioned as a better option for more secure payments. Before all this facts and the announcement of Mastercard, partners and banking institutions are expected to embrace these technologies.

K. Tovar

Source: Xataka

La entrada MasterCard will begin removing the magnetic stripe from cards apareció primero en Bitfinance.