The credit card magnetic strip might be on the path to becoming the 8-track of our times, and this time, it’s all the Europeans fault. The European Payments Council recently passed a resolution that declares that magnetic strips should only be allowed in “exceptional cases” and lets banks refuse magnetic strips if they feel like it.
It’s too early to tell whether this would be the tipping point for the introduction of euro-style chip cards in the U.S., but it definitely has the potential for creating problems for Americans traveling abroad. Perhaps in the future the currency exchange desk will also let you exchange your mag-strip credit card for one embedded with a chip?
The death of the magnetic stripe credit card [Red Tape Chronicles]