For many, the word plastic only focuses on a material from which some of the most common objects are made. Many manufacturers of all kinds of objects support it for its ease of molding and offers some resistance depending on the type of plastic. But in the field of banking they refer to this term to credit or debit cards, which will put aside the magnetic stripe as MasterCard hopes to achieve.
Goodbye to magnetic stripes on cards
Surely you have some type of card in your wallet, be it credit or debit. At the beginning, many sites used the numerical part with a tracing to make the payment, but with the arrival of dataphones and electronic readers it was easier to make transfers thanks to the magnetic strips. But these had the disadvantage of wear, which to more use means that the reading strip stops working.
Fortunately, current technology has contributed to the use of new payment methods that have not only turned mobile devices into the new payment cards. We are talking about contactless technology, which has improved communication between devices in order to make faster payments and without touching anything other than what is yours. And we say it like this because bank cards have a chip that makes the money transfer done without any other formalities than bringing the card closer.
But in the end the new replaces the old and at MasterCard they are clear about the future with contactless cards. It turns out that the company plans to dispense with the use of the magnetic stripe for its next cards it launches. The design is much more refined and clean if we look at the model they have presented in their blog. On the one hand, the chip that is still valid with the name of the cardholder remains. On the back appears the number of the plastic as well as its CVC code, essential to make any type of secure payment, in addition to the expiration date.
Strategy starts in 2024
That MasterCard cards lose their magnetic stripe represents an evolution in this regard. The conversion will not be done immediately and it is expected that it will be in 2024 when the change arrives. However, estimates predict that it will not be until 2033 when none of the company’s plastics that are in circulation dispense with this feature.