Mastercard prepares to say goodbye to the traditional magnetic strip which has characterized payment cards for several decades. The future of payment systems, in fact, is characterized by contactless solutions which, according to the company, allow consumers to make transactions more easily and quickly. The farewell to magnetic strips for Mastercard cards will be progressive and will develop over the next few years.
Mastercard is preparing to ditch the magnetic stripe for its cards
The transition will kick off in 2024 with the elimination of the magnetic stripe from the new Mastercard cards in many regions, starting from Europe and, therefore, also from Italy. In the US, where contactless solutions are less widespread, banks will no longer be required to issue magnetic stripe cards starting in 2027.
By 2029 the goal of completely remove the magnetic strip from new payment cards (with the sole exception of prepaid cards in the USA and Canada). Furthermore, from 2033, the strip could disappear completely since the cards already issued will all be replaced due to the reaching of the deadline.
The complete transition to the chips for the validation of the transitions will allow to increase the security considerably. By abandoning the magnetic strip, Mastercard cards will therefore be easier to use and above all more secure. More details on the matter will certainly arrive in the coming months. The path to abandoning the magnetic strip has already begun.