It was a one time withdrawal! Today is connected and elongated. black magnetic tape? At most, id it is a bank card. So MasterCard heralds the end of an era. In the future, the payment service provider wants to publish only debit and credit cards without black magnetic lines.
The American company announced this on its blog. Technology should not be phased out overnight, but gradually. The reason: changing payment habits among customers and the development of new technologies.
Biometric cards, which combine fingerprints and chips to verify a cardholder’s identity, provide another layer of security, according to the credit card provider.
From 2033 it will all be over
From 2024, Mastercard intends to issue only credit and debit cards without magnetic stripes in Europe, where smart cards are already prevalent. MasterCard Switzerland does not have a timeline yet for magnetic stripe cancellation. From 2033, magnetic stripes are expected to disappear from company cards around the world.
By 2029, the company wants to scrap the technology completely. Since credit cards are usually valid for a maximum of four years, they are supposed to eventually expire in 2033.
The model was Kassettli
Magnetic stripes on credit cards have been around since the early 1960s. IBM allowed banks to encrypt card data on magnetic tape that was laminated on the back.
This technology was not new; They were previously used for audio recordings and for storing data on computer floppy disks. Card data is stored digitally on the magnetic strip. During the checkout process, the information is read by a swipe reader. (gif)
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