[REMINDER] Mastercard Announces Timeline to Retire Physical Magnetic Stripe from Cards

[REMINDER] Mastercard Announces Timeline to Retire Physical Magnetic Stripe from Cards

The Change: As the markets become more EMV mature there is little to no benefit to continue support of the magstripe technology (which increases the opportunity for fraud). Mastercard has announced their timetable to retire the physical magnetic stripe from the back of cards.

The Impact/Action Required: Newly issued EMV chip cards and POS devices will be required to adhere to the guidelines and effective dates outlined in the table below:

April 1, 2024: APAC, Canada, Europe (minus Switzerland), LAC, Middle East Chip-capable ATM and POS terminals must correctly process cards that are chip but not mag stripe Newly issued EMV chip cards may optionally omit the mag stripe

April 1, 2027 United States Chip-capable ATM and POS terminals must correctly process cards that are chip but not mag stripe Newly issued EMV chip cards may omit the mag stripe