Credit cards no longer have to have raised numbers on them. In fact, credit cards no longer have to display numbers at all. If you want to know the number of your card from Cardless, look in the mobile app.
It’s been a lot time since most people in the U.S. needed to run a credit card imprint. Visa stopped supply credit card imprinters two years ago.
Magnetic stripes came to credit cards in 1970 via IBM. Electronic transaction authorization started in 1973. Chips came to cards, more widely in Europe, in the 90s with chip and PIN following there. Signatures are far more common than PINs in the U.S. in part because of consumer habit, but also because laws don’t currently allow liability-shifting to the consumer when PINs are used for a transaction.
Many businesses retained imprint machines “in case the power went out” but transactions can now be managed on mobile devices and over mobile networks. Yet we now even have contactless payments via Near-Field Communication (NFC), first adopted by Barclays in the U.K. 14 years ago.
Now Mastercard has announced it will begin phasing out magnetic strips on cards.
- They’ll become optional on cards in 2024
- Won’t be included on new cards past 2029
- And completely phased out by 2033.
EMV chips are currently used in 73% of U.S. face-to-face transactions (86% worldwide).