A possible future
Changes coming to credit cards in 2022: Which ones are changing and what will they look like? Magnetic stripes will disappear, first in Europe and then in Canada and the United States, being completely eliminated in 2033, in addition to changes in verification.
Developments in credit cards towards a new format without a magnetic stripe, a measure that will reach all European countries by 2024, and will later affect Canada and the United States.
From January 2024, in principle, all new credit cards issued, whether debit or credit, will not have the famous magnetic stripe. Everything is bet on contactless payment chips.
Two dates are marked, therefore, for this step. 2024, the new cards that are issued will not have a magnetic stripe. In 2033, no card in circulation must have a magnetic stripe.
The future is biometric cards: That unites two technologies, both the fingerprint and the electronic chip. Two verification steps to give greater security to the cardholder and avoid fraudulent purchases.
The method of operation of the new cards is simple: when the card is used, the cardholder’s fingerprint must be matched with the information on the chip that the payment method will have stored. Nothing else will have to be done, no signature, no pin. Purchase made successfully and without further steps.