Mastercard to remove magnetic stripe from cards

Mastercard has announced that in most markets their debit and credit cards won’t have a magnetic stripe from 2024. By 2033 the magnetic stripe will be gone from all Mastercard cards. Card companies are now using chip technology, which features microprocessors that provide stronger performance and increased safety. In the first quarter of 2021 Mastercard realised 1 billion more contactless payments than in Q1 2020.

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