The magnetic stripes on credit cards are absurdly insecure, and Mastercard is finally getting rid of them.
Over the next 10 years or so, Mastercard will phase out magnetic stripes in favor of more secure chips and contactless payment methods like Apple Pay and Google Pay. This will start in Europe, which is already far ahead of the US in payment tech, and magnetic stripes will be totally erased by 2033. And a good thing too. Magnetic stripes are old technology that’s easy to exploit, whereas phone payments are way more secure, more private, and easier.
“Unlike magnetic stripes, which merely confirm your credit card’s number and expiration date, EMV chips create unique, encrypted codes whenever you use your card. While this doesn’t completely eliminate the risk of using credit cards, it does reduce it,” Sara Rathner, credit card expert at NerdWallet told Lifewire via email.