Apple Card to Lose Magnetic Stripe By 2029

[MacRumors]

Mastercard last week announced that its cards will no longer be issued with the magnetic stripe by 2029, which will presumably include Apple Card.

The magnetic stripe was an early 1960s technology that allowed card information to be encoded onto magnetic tape that is laminated to the back of a card, paving the way for electronic payment terminals and chip cards. Now, Mastercard is set to be the first payments network to phase out the magnetic stripe.

Starting in 2024, Mastercard credit and debit cards will not be required to feature a magnetic stripe in most markets, including Europe. Banks in the United States will no longer be required to issue cards with a magnetic stripe in 2027. Mastercard expects that the magnetic stripe will disappear in Europe most quickly, where chip cards are already widely used.

By 2029, there will be no new Mastercard credit or debit cards issued with a magnetic stripe, but prepaid cards in the U.S. and Canada will be exempt from this change. By 2033, no more Mastercard credit and debit cards will have magnetic stripes at all, giving the remaining retail partners that still rely on the technology ample time to phase in chip card processing.

The decision comes as consumers have changed their payment habits to prefer newer, more secure technologies. Chip-based cards that feature microprocessors and contactless antennae are now widespread, virtually eliminating the need for the older magnetic stripe technology, which has steadily declined in use in recent years.

The front and rear of Apple Card.​

As a Mastercard, the Apple Card features a gray magnetic stripe on the rear of the card at the bottom, under the company's specification requirements. According to the current timeframe set out for phasing out the stripe, Apple and its partner Goldman Sachs can start to issue new Apple Cards without the magnetic stripe from 2027. Apple will be obliged to make the change by 2029.

Article Link: Apple Card to Lose Magnetic Stripe By 2029

 

[alexandr]

will it be possible to locate it with "find my"?

 

[trulsdd]

WHAT? You still use magnetic stripes in the US? Haven't seen one of those in years, let alone used one.

 

[SactoGuy18]

Practically every place I can use my credit cars now ALL encourage me to use the chip reader on the machine.

 

[MisterSavage]

WHAT? You still use magnetic stripes in the US? Haven't seen one of those in years, let alone used one.

Oh yes. VERY common at gas stations. It's very uncommon for me to use contactless at the pump.

 

[madman365]

Appreciate the heads up. Don't wanna be caught off guard 8 years from now.

 

[velocityg4]

WHAT? You still use magnetic stripes in the US? Haven't seen one of those in years, let alone used one.

Too many places have junk chip readers. Where after five or six errors. You have to give up and use the stripe.

 

[TopToffee]

Oh yes. VERY common at gas stations. It's very uncommon for me to use contactless at the pump.

Missed an entire generation of payments out there!

Magnetic Stripe
Chip and Pin
Contactless

 

[SkyRom]

2029? Lol. JFK didn't even need that much warning to get us to the moon 🥳

 

[Localcelebrity]

Missed an entire generation of payments out there!

Magnetic Stripe
Chip and Pin
Contactless

Chip and Pin never came to the US.

We went Magnetic Strip -> Chip and Signature & Contactless (almost simultaneously.)

Chips were around in cards for a long time but pretty much nowhere used them until ~5 years ago aside from ATMs.

 

[cardfan]

Breaking news i guess..lol

 

[farewelwilliams]

whoa, slow down there.

 

[DanTSX]

I can’t even imagine taking a physical “card” out to buy something….

 

[The_Martini_Cat]

For me it’s the Apple “card” — did not get the physical object so … no magnetic stripe! 🍸😹 Gas stations… always contactless or I go somewhere else. 🍸😺 They are a notorious venue for fake card readers and number theft and apple
Pay spoils that — at least so far 🍸🐈

 

[ghanwani]

Meanwhile, my Visa debit card still has raised lettering.

 

[zorinlynx]

I can't remember the last time I had to swipe (in the US). No magnetic stripes won't be a huge loss, and a great gain for security; if an account isn't enabled for swipe the card is now impossible to skim because even if you were to write out a stripe with the info, a swipe won't be accepted for payment.

 

[dontwalkhand]

WHAT? You still use magnetic stripes in the US? Haven't seen one of those in years, let alone used one.

Very few places. Most will take chip or tap. But there is a very small one off chance you may still have to swipe. Usually some vending machine or parking machine.

 

[CausticSoda]

By 2029?! Big deal... More newsworthy would be to state it will still have a magnetic strip in 2028.

 

[zorinlynx]

Oh yes. VERY common at gas stations. It's very uncommon for me to use contactless at the pump.

Around here, most gas pump card readers use the chip now. You still have to insert the card, but now you leave it in until the transaction is over.

I'm all for eliminating the stripes; it will force the last holdouts to fix/upgrade their readers when they start losing customers due to them not having cards with a stripe.

 

[urgs]

... by 2029 🤡

The last time i used the magnetic stripe was somewhat of 10 or 12 years ago.

 

[GubbyMan]

Oh yes. VERY common at gas stations. It's very uncommon for me to use contactless at the pump.

WHAT? You guys still have gas stations? Haven't used one in years. /s

 

[jamcgahey]

I honestly never use the magnetic stripe unless its a small mom and pop shop. Trivial to me. May stress out those small local stores though.

 

[a_f]

Big news.

 

[zorinlynx]

I honestly never use the magnetic stripe unless its a small mom and pop shop. Trivial to me. May stress out those small local stores though.

Payment terminals aren't that expensive anymore. When compared to a typical small brick and mortar business operating budget, it's not a huge expense.

I have a feeling the payment networks will require upgraded terminals before stripeless cards are issued, in any case.

 

[JosephAW]

Apple will have to drop the metal card for gorilla glass to support the antenna.