Mastercard says it has decided to phase out the magnetic stripes on its payment cards.
In Brief:
It will do so in “most markets” from 2024.
Banks in the US will no longer need to issue chip cards with a magnetic stripe from 2027.
European debit and credit cards will be the first to lose the stripe.
What does this mean?
With most payments going through chip or contactless now, it’s time to phase out the magnetic strips but Mastercard says it is doing so with a long lead time to help its parties who still rely on this method.
