The magnetic stripes in our cards made their way from the 1960s up until now; and it is amazing to see how it has branched out to EMV, mobile banking or mobile payments, digital wallets, and contactless payments! As technology marches forward, so do we with innovation. However, innovating ways to make transactions easier and more convenient comes with the twist: it should also be secured and sustainable.

The future of payments

Mastercard has been planning to remove the magnetic stripes on cards permanently, however, not very soon. While they want to adapt to newer ways of making payments and other transactions, we have to move forward at a steady pace. Mastercard says that the magnetic stripes will still be in newly created cards; the stripe will be optional by 2024. Moving on with their plans for this innovation, the magnetic stripes will no longer be available to newly made cards by 2029, hopefully eradicating it completely by 2033. This is to pave the path to a more secure and sustainable method: contactless payments.

The future of transactions is contactless! The new technology is more advanced which makes it more secured for consumers. On the other hand, it is a sustainable move as we combat climate change. To learn more on how to adapt to the latest payment technology, contact your local Bevel sales agent.