For decades, EC cards have been an important part of every wallet.
There will be big changes in the years to come.
Munich - Nothing goes shopping without them: EC and credit cards have long become an important part of our lives.
Especially during the corona pandemic, the importance of cashless payments has increased immensely, and with it the value of the small plastic cards.
So-called contactless payment, in which the card only has to be placed on the EC device, is now commonplace.
Now another feature of the payment card has had its day.
EC and credit cards: adjustments on every corner
The payment provider Mastercard is driving a big change in the coming years: By 2024, the magnetic stripe should disappear from the back of all EC and credit cards across Europe.
In the USA, the last “classic” card will go into production in 2029, and if it is valid for four years, from 2033 there will be no more magnetic strips in circulation.
This is what
CHIP Online
reports
.
In addition, the division on the card itself should be adjusted: In future, only the bank, the name of the owner and the card type (e.g. Mastercard, Visa or Visa Debit) should be indicated on the front.
The customer's important data - i.e. IBAN, expiry date, security code and the symbol for contactless payment - should be on the back together with the well-known signature field.
The focus should be completely on contactless payment.
EC and credit cards: smartphone users benefit from the change
By moving the most important information to the back, it is now even easier for bank customers to store their cards in their smartphones.
Instead of scanning both sides, it should be sufficient to save only the front side.
Magnetic cards were first introduced as a means of payment in the United States in the 1960s.
At that time, merchants received lists of banking companies that were used to check the creditworthiness of customers.
