Mastercard to eliminate magnetic stripes in credit, debit cards starting 2024
The Hindu
Changing consumer habits for payments and the development of newer technologies have led to the decline in chip-based payments, Mastercard noted.
Payments giant Mastercard has said it will phase out magnetic strips in debit and credit cards starting 2024, and will focus on alternatives like contactless and biometric cards. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) “Based on the decline in payments powered by magnetic stripes after chip-based payments took hold, newly-issued Mastercard credit and debit cards will not be required to have a stripe starting in 2024 in most markets,” the company said in a statement.
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