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Magnetic strip being removed from cards
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![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Mastercard is to stop issuing cards with a magnetic strip.
By 2033, none of its debit or credit cards will have a strip, with banks in many regions including Europe able to issue the strip-less cards from 2024.
The UK moved to chip-and-pin for all card payments in 2006, but in the US, some magnetic strip systems are still in use.
Mastercard says chip-and-pin and new biometric cards that use fingerprints, offer greater security.
The firm claims to be the first payment network to phase out the technology.
A spokesperson told the BBC the level of global acceptance of chip-and-pin was such that the time was right to begin phasing out the magnetic strip.
The slow phasing out is to leave what the firm calls a "long runway" for companies accepting payments to move to chip-and-pin.
By 2033, none of its debit or credit cards will have a strip, with banks in many regions including Europe able to issue the strip-less cards from 2024.
The UK moved to chip-and-pin for all card payments in 2006, but in the US, some magnetic strip systems are still in use.
Mastercard says chip-and-pin and new biometric cards that use fingerprints, offer greater security.
The firm claims to be the first payment network to phase out the technology.
A spokesperson told the BBC the level of global acceptance of chip-and-pin was such that the time was right to begin phasing out the magnetic strip.
The slow phasing out is to leave what the firm calls a "long runway" for companies accepting payments to move to chip-and-pin.
It is about time, the idea that are money could still rely on a magnetic strip in this day and age is crazy.
The last and only time I have used the strip is in the states, but that is quickly changing.
The last and only time I have used the strip is in the states, but that is quickly changing.
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2033! Will people still be using cards then?I’m a Forum Ambassador and I support the Forum Team on the Credit Cards, Savings & investments, and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Of course! And some of us will still be writing cheques and paying with cash!!!sausage_time said:2033! Will people still be using cards then?
Old dogs etc.....I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Isn't the magnetic strip still used for cash machines?Remember the saying: if it looks too good to be true it almost certainly is.2
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Sure the mag stripe is disabled on my Starling card, you have to go in the app to turn it on when required. Not sure about dinosaur banks.0
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Life in the slow lane1
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Same applies with Monzo. I had to activate the strip in the USA on occasions but never anywhere else.Deleted_User said:Sure the mag stripe is disabled on my Starling card, you have to go in the app to turn it on when required. Not sure about dinosaur banks.1 -
Big difference between having use of it disabled optionally and the thing not actually being there tho.Deleted_User said:Sure the mag stripe is disabled on my Starling card, you have to go in the app to turn it on when required. Not sure about dinosaur banks.0 -
WillPS said:
Big difference between having use of it disabled optionally and the thing not actually being there tho.Deleted_User said:Sure the mag stripe is disabled on my Starling card, you have to go in the app to turn it on when required. Not sure about dinosaur banks.
Can't say I've ever required it since it stopped being required.0 -
Mine was used just last week. I caught a ferry which used a mag swipe ticket machine.0
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Do we still have 24 hour automated banks where you have to swipe a card to open the door?
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