Mastercard to remove magnetic strips

So Mastercard have announced their new cards will not have the magnetic strip on the back as this is rarely used. As most transactions are done either by contactless or chip and pin. But it got me thinking. If Mastercard do this then how are Monzo customers going to be able to topup via PayPoint? As retailers have to swipe the magnetic strip to put credit on the card.

Maybe paypoint deposits will have to end and Monzo will finally start allowing the post office to topup the card. But then Monzo will have to issue all new compatible cards to work with the post office.

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Hello :wave:

We’re discussing this news in the below topic:

They’re not going to be removed completely for another 10 years. So I’m sure for this reason Monzo will continue to have them on their cards until PayPoint machines are updated to allow it to be done a different way.

Paypoint machines have all sorts of things that need to be swiped, so I’d say it’s them that will have to adapt to this change more than Monzo.

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Oh ok fair enough I understand. Thank you for this explanation. It helped :slight_smile:

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It’s only my opinion of course :slight_smile:

I’m sure whatever the plan is Monzo will announced it well in advance.

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It has gas card reader - are those regular chip cards?

And there is NFC contactless reader - but the guide says for transport cards only.

I wonder if they will upgrade the terminal to take chip card dips, or use that NFC reader.

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There’s also places like the Co Op that have paypoint integrated into their POS systems and use the inbuilt mag stripe reader.

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