By 2029, none of Mastercard credit or debit cards will have a stripe
Mastercard is set to discontinue cards that have magnetic stripes.
From 2024, financial providers in Europe and other locations will access the stripeless cards. In 2006, the UK introduced chip-and-pin for card remittances. Despite this, some magnetic stripe systems are still being used to date.
Biometric cards that are fingerprint enabled and chip-and-pin cards have been praised in the provision of greater security. Mastercard is the initial company to eradicate the technology. This is also a great time to introduce the new innovation seeing that chip-and-pin technology is globally accepted.
The magnetic stripe was introduced in the 1960s via a project by IBM to identify CIA staff cards. One of the engineers, Forrest Parry, coined the idea of sticking encoded data on a magnetic stripe case to a plastic card. His wife, Dorothea Parry helped bring the idea to life by using heat to join the card and tape.
The coronavirus pandemic has increased the need for contactless payments. These have increased by over one billion in the initial quarter of 2021 compared to the same period in 2020. Trials in biometric payments systems are set to continue. This includes palm scanners and even face recognition-based systems.
We’ve reported that JCB enters into partnership to enable payment acceptance in Cambodia.