Mastercard earlier this month, (12 August 2021) announced that they would be "swiping left" on magnetic strips.
Giving an end date of 2033, a purposefully long time to allow retailers to upgrade, they said that from 2024 banks will be able to issue cards without the ugly black strip on the backside of the card.
In their post, they say
…in a July study by Phoenix, 81% of American cardholders surveyed reported they would be comfortable with a card that does not have the magnetic stripe, and 92% would increase or keep usage of their cards the same if the magnetic stripe was no longer on the card.
It is largely still only America that actually uses the magnetic strip, it’s very, very rare in the UK or EU you would be required to do this, and when you do, it’s normally a company fuel card or something similar which are becoming less and less often anyway due to being able to have the card in your phone’s NFC wallet.
As a company, VitraCash will definitely look at removing the strip towards to earlier year of the phase out. We can easily envision around the 2027-28 mark we may be in a position to do this.
You can read the full article on the Mastercard website by clicking here.
What are your thoughts on this news? You know what to do!