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A farewell to card swipes: Mastercard to start phasing out magnetic stripes in 2024

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The practice of swiping could soon be limited to thieves and online daters as Mastercard Inc. prepares a phaseout of the magnetic stripes that enable people to swipe their credit and debit cards.

Though magnetic stripes have been a fixture of payment cards for decades, the industry has pushed requirements in recent years that have shifted more payments over to safer chip-based technology…

Click here to read the story at marketwatch.com.

Discussion Questions:

  1. What is consumer behavior?
  2. How might shifts in consumer behavior help influence Mastercard’s decision to phase out magnetic stripes?
  3. What is the primary reason Mastercard is moving to chip-based technology for their credit cards, according to this news story?
  4. How does chip-based technology help to protect consumers?
  5. Do companies like Mastercard have a responsbility to protect consumers?
  6. Why do you think it will take years to completely phase out magnetic stripes?
  7. Based on information from this story, what other technology might be implemented by credit card companies in the future?
Chris Lindauer
After working for nearly a decade in professional sports, Chris Lindauer, formed Sports Career Consulting to provide unique sports business education opportunities in and out of the classroom. In the eighteen years (and counting) that followed, Chris has inspired thousands of students to pursue their passions and explore the career of their dreams. He currently lives in Portland, Oregon with his wife, two teenage daughters and their dog.

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