The changes that credit cards will have in 2022

Changes of credit cards in 2022- The magnetic strip as a payment method is eliminated, a measure that will reach all European countries in 2024 and will be implemented worldwide before 2033. Changes in credit cards. The traditional magnetic stripe as a payment method is going to be eliminated, a measure that will reach all European countries in 2024 and will be implemented worldwide before 2033. In Spain, the first card to remove it will be MasterCard.

As of 2024, all new cards issued by banks, both credit and debit, will no longer have a magnetic stripe, a measure that seeks to adapt to new technological and financial times, and that will eliminate this technology by 2033.

Biometric cards: the future that arrives

This biometric technology will use our body to pay. Specifically, the fingerprint, to verify payments, confirm operations, will be linked to an electronic chip to confirm the identity of the bank account holder.

This measure wants to provide more security to transactions and avoid identity fraud, or that card thefts are not detected quickly, since there are cards that work only by contact, without a signature or pin, depending on the amounts.

These cards will work in much the same way. When a payment is made, it will only be necessary to compare the holder’s fingerprint with the information contained in the chip, there will be no need to sign, or put a pin, or anything, our fingerprint will already be associated.

MasterCard will be the first company to eliminate the magnetic strip this year

Already announced in the summer, “the abandonment of the magnetic stripe points both to changing consumer payment habits and to the development of new technologies. Today’s chip cards work with microprocessors that are much more capable and secure, and many are also embedded with tiny antennas that enable contactless transactions. Biometric cards, which combine fingerprints with chips to verify the cardholder’s identity, offer another layer of security.”

Consumers are also increasingly willing to experiment with new payment options. Nearly two-thirds of respondents to Mastercard’s recent New Payments Index say they will try a new payment method that they wouldn’t have tried under normal circumstances.

This will be the credit cards of the future, which will arrive in Europe in 2024

With the measures that the Government is implementing to control tax fraud, which are detrimental to the use of cash, banking entities offer new purchase methods and update current channels. Among them, the financial company Mastercard, which has announced that it will gradually eliminate magnetic stripes from its credit card?

Specifically, the company revealed through an official statement that it will gradually modify the cards and that this, the elimination of magnetic stripes, will be the first step. These innovations will be applied in Europe first from 2024, after which they will be extended to the whole world.

The new cards that are issued from that year, both credit and debit, will bet on contactless payment chips, although it is expected that they will disappear completely in 2033. In this sense, IBM began to introduce systems in the years 60 so that banks could encrypt card information. Little by little, the companies were introducing innovations to offer greater protection to customers and merchants against tax fraud.

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