News

Mastercard Plans To Say Goodbye To Magnetic Stripes In 2024

The technology that makes magnetic stripes possible dates back to the 1960s.

Published

3 years ago

August 19, 2021

Joanna Melki

Mastercard

The pandemic has changed a lot of things, including the way we pay for goods and services. According to the Mastercard New Payments Index, 1 billion more contactless transactions were processed in the first quarter of 2021 compared to the same period in 2020. What’s more, 45% of all in-person checkout transactions in the second quarter of 2021 were contactless.

Now, the global payments and a technology company has announced that it plans to start phasing out the use of magnetic stripes on its credit and debit cards in 2024.

As explained in the official announcement, the magnetic stripe will first start to disappear for Mastercard payment cards in regions where chip cards are already widely used, such as Europe. In regions where magnetic stripes are still used relatively often, the phasing out process will be delayed by 3 years. From 2029, no new Mastercard credit or debit cards will be issued with a magnetic stripe.

“It’s time to fully embrace these best-in-class capabilities, which ensure consumers can pay simply, swiftly, and with peace of mind,” says Ajay Bhalla, president of Mastercard’s Cyber & Intelligence business. “What’s best for consumers is what’s best for everyone in the ecosystem.”

Also Read: Abu Dhabi Has Dropped Business Setup Fees By Up To 94%

The technology that makes magnetic stripes possible dates back to the 1960s, and we now have much more convenient and, above everything else, safer alternatives. One such alternative is the global EMV chip standard, which was introduced in the 1990s, enabling cardholder details to be held more securely on small integrated circuit chips embedded into cards.

Cards with EMV chips are currently responsible for 86% of in-person card transactions. We also have contactless payments, which can be made either using a card or with a modern, NFC-enabled smartphone. Since the outbreak of the pandemic, many policymakers and retailers have been endorsing contactless payments as the best payment method available, and the trend will likely continue even in the future.

News

Samsung Smart Glasses Teased For January, Software Reveal Imminent

According to Korean sources, the new wearable will launch alongside the Galaxy S25, with the accompanying software platform unveiled this December.

Published

2 days ago

December 4, 2024

Nour Nasir

samsung smart glasses teased for january software reveal imminent

Samsung appears poised to introduce its highly anticipated smart glasses in January 2025, alongside the launch of the Galaxy S25. According to sources in Korea, the company will first reveal the accompanying software platform later this month.

As per a report from Yonhap News, Samsung’s unveiling strategy for the smart glasses echoes its approach with the Galaxy Ring earlier this year. The January showcase won’t constitute a full product launch but will likely feature teaser visuals at the Galaxy S25 event. A more detailed rollout could follow in subsequent months.

Just in: Samsung is set to unveil a prototype of its augmented reality (AR) glasses, currently in development, during the Galaxy S25 Unpacked event early next year, likely in the form of videos or images.

Additionally, prior to revealing the prototype, Samsung plans to introduce…

— Jukanlosreve (@Jukanlosreve) December 3, 2024

The Galaxy Ring, for example, debuted in January via a short presentation during Samsung’s Unpacked event. The full product unveiling came later at MWC in February, and the final release followed in July. Samsung seems to be adopting a similar phased approach with its smart glasses, which are expected to hit the market in the third quarter of 2025.

A Collaborative Software Effort

Samsung’s partnership with Google has played a key role in developing the smart glasses’ software. This collaboration was first announced in February 2023, with the device set to run on an Android-based platform. In July, the companies reiterated their plans to deliver an extended reality (XR) platform by the end of the year. The software specifics for the XR device are expected to be unveiled before the end of December.

Reports suggest that the smart glasses will resemble Ray-Ban Meta smart glasses in functionality. They won’t include a display but will weigh approximately 50 grams, emphasizing a lightweight, user-friendly design.

Feature Set And Compatibility

The glasses are rumored to integrate Google’s Gemini technology, alongside features like gesture recognition and potential payment capabilities. Samsung aims to create a seamless user experience by integrating the glasses with its broader Galaxy ecosystem, starting with the Galaxy S25, slated for release on January 22.