Fuel retailers need to upgrade before card firm stops issuing swipe cards by 2029.
ALEXANDRIA, Va.—Mastercard said yesterday that it will abandon magnetic stripes on its credit and debit cards beginning in 2024 in most markets, a move that will directly impact convenience and fuel retailers who haven’t yet upgraded their fuel pumps to accept chip card payments as part of the now-overdue EMV liability shift.
In a blog post, the credit card giant said that starting in 2027, U.S. banks will no longer be required to issue chip cards with magnetic stripes, and by 2029, no Mastercard credit and debit cards will have magnetic stripes. Mastercard said it is the first payments network to phase out magnetic stripe cards.
“Mastercard’s intention to issue only chip-enabled credit and debit cards with no magnetic stripes is… READ MORE