In the heat of wave of the growth of virtual money on cash , one of the great driving companies of this business has announced a more than key launch for the future. Mastercard has announced that in the coming years it will be replacing the magnetic stripes on its credit cards to make way for a new generation of cards for its customers.
That the coronavirus pandemic has caused cash to lose a lot of potential, contrary to cards and other virtual means of payment is a fact. However, within the first case, that of credit and debit cards, these have also seen an important change in favor of contactless . That is, the contactless payment that is exercised through a chip or the technology installed in a device such as a mobile phone.
For all this, the magnetic stripes that have always accompanied the cards and charged when passing a device over them have lost much influence to the point of threatening to be something archaic . Something that Mastercard has perfectly understood as it is the first company to announce that it will remove this means of payment from its cards.
By 2033 there will be no cards with magnetic stripes
Of course, progressively , to accustom its customers to this new normal, the multinational’s credit and debit cards will gain a much more futuristic appearance. It will be for 2033 when the company has put the final date on magnetic strips, although from 2024 it will begin to apply this new technology.
What are biometric cards?
Known as biometric cards, these will have a chip and a fingerprint recognition system that makes the payment system much more secure than with the current PIN. That is, a card will not be able to register a payment if it is not touched by the card holder, so there will be full guarantees that it is not stolen or fraud is being committed.
A new way of registering payments for which Mastercard has already started working with a view to gradually implementing this system. Of course, with a lot of anticipation that it creates a trend , it will be the different companies and entities who will have to ride this change that ends with magnetic strips forever.