Mastercard is getting rid of magnetic stripes on its credit and debit cards over the next 10 years, part of a broader push from the company to use "more capable and secure" alternatives to the old-fashioned swipe.
Cards equipped with chips will become the new standard. The chip is more secure compared to a magnetic stripe because it creates a unique transaction code, which is verified by the bank. That makes them more difficult to duplicate than magnetic stripes, and it prevents hackers from stealing complete credit card information by hacking into retailers' payment systems.
According to Mastercard, EMV is currently used for 86% of face-to-face card transactions globally. The technology lags in the United States, with just 73% of transactions using chips.
Fake news
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