Rise of biometrics and contactless signal demise of the magnetic stripe

Date:
Tue, 17 Aug 2021 09:32:31 +0000

Description:
The familiar magnetic stripe on the back of Mastercard payment cards is set
to disappear altogether by 2033.

FULL STORY ======================================================================

Mastercard plans to begin phasing out the magnetic stripe on its payment
cards from 2024 as chip-based and contactless payments continue to rise.

According to the credit card giant, removal of the magnetic strip will happen across most markets, with Europe taking the lead. Meanwhile, newly-issued Mastercard credit and debit cards in the US will no longer need to feature
the familiar magnetic stripe from 2027.

By 2029, its anticipated the magnetic stripe will disappear from Mastercard credit and debit cards altogether, although prepaid cards in the US and
Canada will retain the imprint. However, Mastercard predicts that all of its cards will see the feature disappear completely by 2033. We've also featured the best website builder offerings Take a look at the best content marketing tools around today Check outthe best online marketing services as well

The distinctive dark-coloured stripe running along the back of plastic cards has been a regular feature since the 1960s, developed initially by IBM. In
its time the feature has proved to be a practical solution for encoding card information details and also verifying cards during transactions. However,
the advent and growing dominance of chip technology has seen less reliance on the magnetic stripe. Magnetic stripe

Indeed, Mastercards own research, which was carried out last December by Phoenix Consumer Monitor, revealed that over half of Americans now favour using a chip card at the point of sale terminal compared to other payment options. A paltry 11% reported a preference for swiping their cards, with
just 9% opting to do the same if theyre already familiar with contactless payment options.

Advances in card payment technology continue to become more elaborate too, with Mastercard having collaborated with Samsung Electronics to trial a biometric card . It features a built-in fingerprint sensor, which can already be used to authorise in-store transactions as part of a pilot that is taking place in South Korea.

In time, Mastercard predicts that it will be possible to use the biometric card at any Mastercard in-store payment terminal without the need to use a
PIN or signature for authorization during transactions. Also, check out our roundup of the best ecommerce hosting services

Via ZDNet



======================================================================
Link to news story: https://www.techradar.com/news/rise-of-biometrics-and-contactless-signal-demis e-of-the-magnetic-stripe/


--- Mystic BBS v1.12 A47 (Linux/64)
* Origin: tqwNet Technology News (1337:1/100)