redit for moving slowly
Mastercard is the first payments network to phase out the magnetic strip on credit cards.
Once magnetic strip was innovative. Flatbed imprinting machines recorded the card information on carbon paper packets. Checking if a card was dodgy meant comparing the card against a list of customers' cards.
Magnetic strips were invented in the early 1960s by IBM, the magnetic stripe allowed banks to encode card information onto magnetic tape laminated to the back. It paved the way for electronic payment terminals and chip cards, offering more security and real-time authorization while making it easier for businesses of all sizes to accept cards.
The shift away from the magnetic stripe points to both consumers changing habits for payments and the development of newer technologies. Today's chip cards are powered by microprocessors that are much more capable and secure, and many are also embedded with antennae that enable contactless transactions.
https://fudzilla.com/news/53383-mast...trips-on-cards
Mastercard phases out magnetic strips on cards
18th August 2021, 05:09
Mastercard phases out magnetic strips on cards 
