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Bank cards from Sparkassen, Volksbanken and Co. with a noticeable change - that's behind it 

2021-08-20T08:29:34.813Z


With Mastercard, the first major payment service provider is giving the go-ahead for the end of the bank card. Other providers are likely to follow suit quickly.


With Mastercard, the first major payment service provider is giving the go-ahead for the end of the bank card.

Other providers are likely to follow suit quickly.

Munich - The design of the bank card has hardly changed over the years.

As a rule, they are made of plastic, are the size of an identity card, have a chip on the front and a magnetic strip on the back.

But during the Corona crisis, the plastic cards received another boost when paying at the checkout in the supermarket or at the gas station.

Usage has also changed.

With contactless payment, the magnetic stripe on the back of bank cards has become superfluous.

Instead of inserting the card into the reader, it is now sufficient to simply put it on to pay.

Many customers no longer even use the card themselves, but simply pay by app or smartwatch.

Mastercard: The future is in the RFID chip

This is made possible by the so-called RFID chip on the front.

It opens up many new ways of identification and payment.

The technology is not only in the bank cards, but also makes payment in other end devices possible.

Apple * Pay or Google * Pay are then used for this.

According to Mastercard *, one of the largest payment service providers worldwide with Visa, the appearance and function of bank cards will therefore change in the future.

As Giga first reported, the maps are to be adapted to the present, at the same time the obligation to apply a magnetic strip will drop in 2024.

Mastercard: No new cards with magnetic stripes from 2029

For bank customers, the absence of the magnetic stripe won't make any difference.

While it was celebrated as a technical achievement decades ago, it is simply superfluous today.

There are new, faster, and safer ways to pay.

All you need is the chip on the front.


No new cards with magnetic stripes will be issued by Mastercard by 2029 at the latest, even if financial service providers insist on it.

From 2033 onwards, all old stocks will also be replaced.

So the days of the magnetic stripe are numbered.


Mastercard: The US is an exception

Mastercard only makes an exception in the USA *.

Although contactless payment is much more widespread there than in Germany, for example, the magnetic stripe requirement there will not fall until 2027. Prepaid cards are even completely excluded from the changes.

It is questionable, however, whether the concept of the bank card for savings banks * or Volksbanks will persist for so long.

If you follow the payment service providers whose business is also based on issuing their own cards, it will remain in place beyond 2033.

Bank card: chip crisis threatens future technology

However, if you look at the current development, the end of the bank card is in sight. After all, mobile payment via cell phone and smartwatch is still at the beginning of development, but is becoming increasingly popular. The trend is only slowed down by the current shortage of semiconductors. Without the appropriate RFID chip, there is no contactless payment. *

Merkur.de

is part of IPPEN-MEDIA

Source: merkur

All news articles on 2021-08-20

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