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:
- What is consumer behavior?
- How might shifts in consumer behavior help influence Mastercard’s decision to phase out magnetic stripes?
- What is the primary reason Mastercard is moving to chip-based technology for their credit cards, according to this news story?
- How does chip-based technology help to protect consumers?
- Do companies like Mastercard have a responsbility to protect consumers?
- Why do you think it will take years to completely phase out magnetic stripes?
- Based on information from this story, what other technology might be implemented by credit card companies in the future?