Mastercard credit and debit cards will not be required to have a stripe starting in 2024 in most markets. By 2033, no Mastercard credit and debit cards will have magnetic stripes.
Interesting - magnetic stripe use is still quite common in the US. This will speed up the full switch to chip and PIN. (Or at least chip and signature… they still do that!)
12 years though! God knows what we’ll be using to pay with by then.
Probably have a chip implanted in us by then
The liability shift is also pushing merchants hard to upgrade their card terminals.
They may think that they don’t see much fraud now, but fraud will “migrate” to the few remaining magstripe-only merchants over time. It will become a self-fulfilling prophecy where you the more you leave it, the more pressing it is to upgrade.
I think places in the US are finally cottoning on to that now, but it will still take them time to upgrade.
Last time I was there - pre Covid - they had generally deployed chunky chip and pin capable machines but what functionality was enabled varied greatly.
Some would do chip and pin, some chip and sign, some swipe and sign and some just swipe.
Contactless sometimes worked and sometimes didn’t too.
I also got my first offering of DCC that I’d ever had in the US on that trip and it was in rural Maine.