Mastercard will begin removing the magnetic chip by 2024

Mastercard will start phasing out magnetic strips on its debit and credit cards in 2024, and it expects the process to be complete by 2033, according to a release from the company on Aug. 12. Mastercard says it will shift to biometric cards, combining fingerprint and chip technology to verify a cardholder’s identity.

US banks will no longer be required to issue cards with a magnetic strip by 2027, and by 2029, no newly issued cards will have the magnetic strip.