One of the world’s largest credit card payment providers Mastercard announced that it has taken a very important decision regarding the future of credit cardsars. According to the statements made by the company, it is no longer preferred. magnetic seridollarser, will be history in the near future. The company management, who said that by 2024, there will be no need for magnetic strips in many markets, By the year 2033 announced that this process will be completely over.
In the statements made by Mastercard, the reasons for such a decision were also mentioned. Considering these reasons, the decision taken it’s not surprising we see. Because the contactless use of cardollars, the NFC support of smart products and chip card systems have significantly reduced the need for magnetic stripers. In fact, according to a study, people who use a credit or debit card in the USA consumers only 11 prefers magnetic stripe when paying.
So what was the magnetic stripe good for?
Magnetic strips, which we often encounter in credit or debit cards, located on the reverse side of the cardollars were systems that were usually black in color. The system, which was first used in the 1960s, was developed by IBM. This system, which encrypts the data of the users, thus ensures that a card belongs to whom. to be defined was providing. However, the changing cycle, the need for magnetic strips have also reduced the prevalence of this system. Changing user habits at Mastercard and taking into account new generation technologies, seems to have taken such a decision.
From Mastercard senior executives who made statements about their decision Ajay Bhalla says it’s time to use the latest technologies so that consumers can shop simply, quickly and with peace of mind, and what’s good for consumers is good for the ecosystem. The decision taken by Mastercard is also approved by private banks and authorities in the USA. approved. . .