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Mastercard to phase out magnetic strips on cards by 2033

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Get the day's biggest stories sent direct to your inbox so you never miss a thing Mastercard has announced its plans to phase out magnetic strips from all of its credit and debit cards by 2033.

The financial services giant has said that the strip is on the verge of becoming obsolete as merchants and consumers are relying more on chip technology to process secure transactions.

Modern chip cards have also seen the rising popularity of contactless payments, while online smartphone alternatives such as Apple Pay are also becoming more popular. Read more: Nando's temporarily closes stores across UK - full list and how to check your local restaurant Biometric cards, which combine a user’s fingerprints with chips to verify identity for added

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