Is this the end for the magnetic stripe?
Magnetic stripes are declining as Mastercard stops requiring them on cards, with alternatives like contactless payments and digital tickets gaining popularity, though this shift may create new security challenges.
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The magnetic stripe, once a ubiquitous feature on cards and tickets, is facing decline as newer technologies emerge. Steven Murdoch, a security researcher, experienced this firsthand when his hotel key card was wiped after being placed near his smartphone, highlighting a common issue with magnetic stripes. Originally developed in the 1960s, magnetic stripes have been widely used for various applications, including banking and ticketing. However, Mastercard has announced that it will no longer require banks to include magnetic stripes on cards starting this year. Alternatives such as contactless cards and printable barcodes are gaining traction due to their convenience and environmental benefits. Companies like Nagels report that less than one-fifth of the five billion tickets they print annually now feature magnetic stripes. Rail operators, such as Northern, are also moving towards digital and thermally printed tickets, with plans to phase out magstripe tickets in the coming years. While magnetic stripes are still relatively cheap and compatible with older reading machines, their practicality is diminishing as more secure and efficient methods of ticket validation become available. Experts suggest that while the transition away from magnetic stripes is inevitable, it may introduce new complexities and vulnerabilities in security.
- Magnetic stripes are being phased out in favor of contactless and digital alternatives.
- Mastercard will no longer require magnetic stripes on new cards starting this year.
- Rail operators are moving towards digital and thermally printed tickets.
- Less than 20% of tickets printed by Nagels now feature magnetic stripes.
- The decline of magnetic stripes may introduce new security challenges.
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