Page 95 - Pay Magazine s2014

volume 8 • fall 2015
when will mag-striPe technology be Phased out?
Though magnetic-stripe card technology is widely viewed to be outdated, its pervasiveness in banking and other industries, plus its role as a fallback method for processing transactions when EMV isn’t available, is likely to keep it alive for years. No one knows how many years, though.
“Nobody can predict if and when the mag stripe will disappear just yet,” says Randy Vanderhoof, executive director of the Smart Card Alliance. “The mag stripe has other uses [aside from payments] in the short term, and consumers are going to run into merchants that only accept the stripe for many years to come, so issuers will keep it for the same reasons most cards still have embossing and holograms.”
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