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Why is there still a magnetic stripe on the chip card?

April 26, 2017card chip MAGNETIC stripe

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Why is there still a magnetic stripe on the chip card?

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The magnetic stripe will remain on the SCU Member Card to allow members to use their cards at Canadian ATMs, stores and restaurant terminals that have not yet been upgraded, and in countries that have not been migrated to chip technology. Magnetic stripe technology continues to be a secure method of payment for members.