Mastercard to phase out magnetic strips on cards

[MacLeod]

Mastercard to end magnetic strip on cards - BBC News

All I can say is it's about time, as for the 2033 date, I suspect in places like Europe it'll be more like 2027-28 as most cards only have 3 year life cycle, the as the articule alludes to extra 6 years is likely to give other countries such as the US time to catch up and fully implement tech like Chip and Pin.

 

[scotpens]

I find the magnetic stripe on my VISA card is still occasionally useful when the device can't read the chip for some reason. In fact, Bank of America VISA cards still had raised letters and numerals (for the old carbon-paper credit card imprinters) until just a couple of years ago.

 

[MacLeod]

I find the magnetic stripe on my VISA card is still occasionally useful when the device can't read the chip for some reason. In fact, Bank of America VISA cards still had raised letters and numerals (for the old carbon-paper credit card imprinters) until just a couple of years ago.

I work in retail and we run something like over 50% of transactions are card rather than cash and I can count on hand, correction one finger the number of times this year a card has fallen back to swipe and sign.

I remember having to remove card imprinters from stores when I was training a new POS system in them and that was 2008. The only time my card has ever left my sight since Chip and Pin was atopted in the UK, is when I went to the USA. I can't believe in this day and age people are happy for their card to leave their sight and that's not even couting the fact that a chip is more secure than a magnetic strip.

 

[scotpens]

I remember having to remove card imprinters from stores when I was training a new POS system in them and that was 2008.

By "POS" I assume you mean "point of sale."

 

[Relayer1]

We still get customers from abroad trying to pay by card and sign the store copy of the receipt, which we absolutely do not accept.

After all this time (17 years - I just checked !) it's hard to believe the whole world isn't already using Chip & Pin.

 

[Shamrock Holmes]

After all this time (17 years - I just checked !) it's hard to believe the whole world isn't already using Chip & Pin.

The whole world... that I get. Chip & Pin requires at least half decent communications infrastructure.
No G7 and arguably no G20 nation shouldn't have Chip and PIN or better technology by default.
IIRC, there are certain social groups (elderly with memory issues for one) that retain the right to use "Chip and Sign" in the UK, but that still doesn't require the magnetic stripe.

 

[Marc]

By "POS" I assume you mean "point of sale."

well some POS are POS

 

[publiusr]

I find the magnetic stripe on my VISA card is still occasionally useful when the device can't read the chip for some reason. In fact, Bank of America VISA cards still had raised letters and numerals (for the old carbon-paper credit card imprinters) until just a couple of years ago.

That should all be mandatory so that credit sales can be had during power failures.

 

[MacLeod]

That should all be mandatory so that credit sales can be had during power failures.

Several minor issues,

Most tills are electronic and need power to work. So even if you could run a card manually you would have to manually work out the cost. As far as I am aware at least in the UK with debit cards the system checks to ensure they are sufficent funds to pay for the purchase. So the retailer doesn't lose out and cardholder doesn't get bank charges such as overdraft fees.

Never mind the fact at best the store would be on emergency lightning, unless that had a backup generator.

Most big retaillers likely use a sales based ordering system, so that would need to be manually adjusted afterwards.

I might be mistaken but in countries which use Chip and PIN the retailer is liable for fradualent in person use if the PIN isn't used, so they likely wouldn't want to take the risk.

 

[publiusr]

I get you…but come a solar flare….having 1940’s tech as a back up could be a life saver. Let the lawyers and bankers clean up the mess afterwards

 

[Shamrock Holmes]

Several minor issues,

Most tills are electronic and need power to work. So even if you could run a card manually you would have to manually work out the cost. As far as I am aware at least in the UK with debit cards the system checks to ensure they are sufficent funds to pay for the purchase. So the retailer doesn't lose out and cardholder doesn't get bank charges such as overdraft fees.

Never mind the fact at best the store would be on emergency lightning, unless that had a backup generator.

Most big retaillers likely use a sales based ordering system, so that would need to be manually adjusted afterwards.

I might be mistaken but in countries which use Chip and PIN the retailer is liable for fradualent in person use if the PIN isn't used, so they likely wouldn't want to take the risk.

All true as of about 3 years ago based on my experience.

 

[Dryson]

The chip in my card usually falls out within six months use. Usage is once or twice a day.

Very poor design meant to make us keep cash on hand for emergencies.

The next level of genius would be Smart Credit Cards that could be tracked much like a cell phone is able to be tracked.

Anti-theft device in the card would wipe the chip if it removed from the card. Slightly larger card but worth it.

 

[MacLeod]

The chip in my card usually falls out within six months use. Usage is once or twice a day.

Very poor design meant to make us keep cash on hand for emergencies.

The next level of genius would be Smart Credit Cards that could be tracked much like a cell phone is able to be tracked.

Anti-theft device in the card would wipe the chip if it removed from the card. Slightly larger card but worth it.

In the decade plus that I've had chip and pin cards, I've never had a chip fall out of any of the dozens of cards I've had over that period.

 

[Shamrock Holmes]

In the decade plus that I've had chip and pin cards, I've never had a chip fall out of any of the dozens of cards I've had over that period.

I worked on the tills in retail for about fourteen years, I vaguely recall it happening once or twice, but other (intermittent) faults were far more common.

 

[Relayer1]

In the decade plus that I've had chip and pin cards, I've never had a chip fall out of any of the dozens of cards I've had over that period.

Likewise.

Nor with anyone I was serving in the shop I work in.

 

[MacLeod]

I worked on the tills in retail for about fourteen years, I vaguely recall it happening once or twice, but other (intermittent) faults were far more common.

Cards which are bend, dirty and/or snapped in half are far more common then cards were the chip has fallen out.

 

[Dryson]

We definitely need voice activated credit cards.

"Card, transfer x amount from x account to credit account."

"Transfer complete."

 

[Shamrock Holmes]

We definitely need voice activated credit cards.

"Card, transfer x amount from x account to credit account."

"Transfer complete."

Once you get to that point, it's debatable whether any physical card would actually be required, particularly given smartphones/devices are able to act as "middleman" if needed.

 

[XCV330]

Timex is now introducing Timex Pay, watch bands that will work as your payment method for Chase Visa.

edited to add: I think Swatch has something similar but don't know much about it.

 

[JoeZhang]

There are a few of those knocking around.

Chase has just set up in the UK - interesting my new bank card has no numbers on it at all - it's just blank - if there was fraud it means I can change the account number in the app but there is no need to get a new bank card.