Over the next decade, Mastercard will begin to gradually get rid of magnetic stripes on its credit and debit cards, the source writes. The transition will begin in 2024, when the magnetic stripe will no longer be required for new cards issued in Europe. In the US, where adoption of EMV chips on payment cards has been slower, the transition will begin in 2027. From 2029, all new Mastercard debit or credit cards will be completely stripped of the magnetic stripe.
Magnetic stripes appeared in the 60s of the last century, and already in the 90s EMV chips were adopted as a global standard. Currently, 86% of debit or credit card transactions in the world are carried out using EMV chips, and either a pin or a fingerprint is used to confirm transactions. Interestingly, in the United States, EMV chips in cards are not as widespread as in other countries: last year, the percentage of card transactions using this technology in this country was only 73%.
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