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Does the magnetic stripe on the smart card still serve a purpose?

April 26, 2017card MAGNETIC purpose serve SMART stripe

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Does the magnetic stripe on the smart card still serve a purpose?

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Yes. Since microchip technology is being rolled out progressively, not all merchants are equipped with a smart-card terminal. Your card’s magnetic stripe will be used to complete transactions with those merchants. The magnetic stripe therefore remains essential for carrying out transactions worldwide. In addition, certain regions of the world (e.g. United States) have not yet announced plans to switch over to smart cards. The magnetic stripe will therefore enable you to use your card in those regions.