News

Mastercard Plans To Say Goodbye To Magnetic Stripes In 2024

The technology that makes magnetic stripes possible dates back to the 1960s.

Published

3 years ago

August 19, 2021

Joanna Melki

Mastercard

The pandemic has changed a lot of things, including the way we pay for goods and services. According to the Mastercard New Payments Index, 1 billion more contactless transactions were processed in the first quarter of 2021 compared to the same period in 2020. What’s more, 45% of all in-person checkout transactions in the second quarter of 2021 were contactless.

Now, the global payments and a technology company has announced that it plans to start phasing out the use of magnetic stripes on its credit and debit cards in 2024.

As explained in the official announcement, the magnetic stripe will first start to disappear for Mastercard payment cards in regions where chip cards are already widely used, such as Europe. In regions where magnetic stripes are still used relatively often, the phasing out process will be delayed by 3 years. From 2029, no new Mastercard credit or debit cards will be issued with a magnetic stripe.

“It’s time to fully embrace these best-in-class capabilities, which ensure consumers can pay simply, swiftly, and with peace of mind,” says Ajay Bhalla, president of Mastercard’s Cyber & Intelligence business. “What’s best for consumers is what’s best for everyone in the ecosystem.”

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The technology that makes magnetic stripes possible dates back to the 1960s, and we now have much more convenient and, above everything else, safer alternatives. One such alternative is the global EMV chip standard, which was introduced in the 1990s, enabling cardholder details to be held more securely on small integrated circuit chips embedded into cards.

Cards with EMV chips are currently responsible for 86% of in-person card transactions. We also have contactless payments, which can be made either using a card or with a modern, NFC-enabled smartphone. Since the outbreak of the pandemic, many policymakers and retailers have been endorsing contactless payments as the best payment method available, and the trend will likely continue even in the future.

News

Viasat Satellite Messaging Tech Showcased In Saudi Arabia

The direct-to-device (D2D) demonstration highlighted the technology’s potential to revolutionize remote communication.

Published

4 days ago

November 28, 2024

Nour Nasir

viasat satellite messaging tech showcased in saudi arabia

Satellite communications firm Viasat announced yesterday that it had completed its first demonstration of direct-to-device (D2D) satellite connectivity technology in Saudi Arabia. The live broadcast took place during the “Connecting the World from the Skies” event in Riyadh, organized by Saudi Arabia’s Communications, Space & Technology Commission (CST) alongside the International Telecommunication Union (ITU).

Attendees witnessed successful satellite-based two-way messaging and SOS alerts sent using commercial Android smartphones and a combination of Viasat’s robust L-band satellite network and the Bullitt over-the-top messaging app. Signals were transmitted using the company’s L-band spacecraft positioned over the Indian Ocean, while the infrastructure for 3GPP NTN services was deployed by Viasat’s partner Skylo.

Sandeep Moorthy, Viasat’s Chief Technical Officer, emphasized the significance of the demonstration, explaining, “By expanding our direct-to-device innovation to the Kingdom of Saudi Arabia, we’re showcasing the potential for D2D services in the fast-growing Gulf and Asia-Pacific region. D2D could help reduce barriers to connectivity in regions where terrestrial services are spotty and unavailable to help transform industries and supply chains, enable new opportunities, and to become more efficient, sustainable and safer. We’d like to thank the CST for their support in carrying out this exciting demonstration”.

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D2D technology allows devices like smartphones, vehicles, and industrial equipment to connect seamlessly to both satellite and terrestrial networks. Unlike traditional satellite setups, D2D eliminates the need for extra hardware, thanks to emerging global standards that are gaining traction among satellite operators, mobile network providers, and tech manufacturers.

What makes this approach particularly promising is that Viasat uses a licensed, dedicated satellite spectrum to deliver its D2D services. This avoids any interference with existing terrestrial networks, allowing smooth integration with mobile network operators in the future.

The demonstration clearly showed the potential of D2D technology to bridge connectivity gaps in remote regions while opening up opportunities for innovation, improved safety, sustainability, and efficiency.