MasterCard has announced that newly issued credit and debit cards running on the MasterCard payment network will not have magnetic stripes starting in 2024. The disclaimer is that this applies to most markets and that by 2033 all markets will no longer offer the magnetic stripe. The rollout will be something like this:
- 2024: No longer offered in the European market
- 2027: No longer offered in the US market
- 2029: No longer offered worldwide (excluding prepaids)
The terms of the announcement are a little unclear, with MasterCard stating that card issuers won’t be required to offer a magnetic stripe after the above dates (assuming they can still do this as an option). The transition from magnetic stripes to EMV chips has been occurring for some time. In 2015 there was a liability shift in the United States that meant merchants accepting magnetic stripe over chip were liable for fraudulent transactions rather than the payment network/card issuer being liable for those transactions.