The Credit and debit cards they will have an important change for 2024 in Mexico, which you should take into account if you are an account holder and make purchases or payments for services with your plastics.
Bank cards of this type have a magnetic stripe With which the banks encode the information of the plastics and you can see it on the back of your card, it is a black sheet that is located at the top. By 2024 it is expected that all cards will be eliminated.
He announced it so he announced it mastercard in 2021. The company explained that the goal is that within 10 years, that is, in 2033 none of its cards will have a magnetic stripe. Here we tell you the reason.
According to Mastercard, all banking institutions are expected to follow suit by removing black foil from plastics. This because of a greater security system is required for account holders.
The magnetic stripe on credit and debit cards is expected to be replaced by bank plastics with a chipand even some banks already introduce microprocessors to the cards to provide greater security when making payments in a new function called “contactless” that incorporates a technology that allows transactions to be carried out without any contact, since the payment is made wirelessly.
What will the new form of payment be like when the magnetic stripe disappears?
The incorporation of chips will replace the magnetic stripe of all credit and debit cards from 2024, and in a process that will last until 2033.
Currently, this technology is used in Europe, where since 2011 a chip is incorporated to comply with security protocols VME (Europay, MasterCard and VISA).
Notably in these chips the information is stored to carry out the operations both in commercial establishments and in ATMs.
The operation is done through a PIN, so the chip creates a unique code for each transactionwhich is validated by the issuing bank and thus guarantees that you are paying with an authentic credit or debit card.
This type of technologyto increases the security of the data of the right holders of these bank plastics, so the goal is that from 2024 to 2033 this new form of payment replaces that of magnetic stripes.
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