Mastercard has announced that starting in 2024, banks and other institutions that issue its credit and debit cards will no longer need to include a magnetic stripe on the back. By 2033, magnetic stripes on its cards will be extinct, except for prepaid cards in the U.S. and Canada. The stripes encode essential card data, including such so-called track 2 data as a card’s account number, expiration date and verification code. Other options have long been available since the mid-1980s, for example, many European banks have issued smart cards with a microchip.”]
Source: https://www.databreachtoday.com/blogs/payment-cards-finally-set-to-lose-their-stripes-p-3093