A card with an EMV chip and contactless, but not magnetic stripe. | Image: Mastercard
Mastercard is phasing out the use of magnetic stripes on its credit and debit cards over the next decade, as the industry moves towards more secure or convenient alternatives like chips and contactless payments, the company has announced. It says it will be the first payments network to phase out the technology, which dates back to the 1960s.
Mastercard says the transition will start in 2024, when the stripe will no longer be required on new cards in regions like Europe where chip cards are already widely used. In the US, where the adoption of chip payments has been slower, the transition will start in 2027. From 2029, no new Mastercard debit or credit cards will come with a magnetic stripe, and they’ll be gone completely by 2033.