Mastercard will begin removing the magnetic chip by 2024

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Summary

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.

  • Source: CNet
  • August 18, 2021
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