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Credit card magnetic stripe format5/5/2023 ![]() ![]() ![]() Partly because of a pandemic-fuelled desire to avoid touching things wherever possible, Visa's contactless credit card transactions increased by more than a billion globally in the first quarter of 2021 compared to the same period a year before, according to Visa. Canada's Big 5 banks sign up for Apple Pay.Apple Card could kickstart the move of credit cards onto smartphones. ![]() "If you lose your card, instead of your Netflix being cancelled, we replace that sensitive 16-digit card information with a unique identifier, which the merchant can still use to do a transaction on, but it's not your actual 16 digit number," she said. Unlike swipe cards, tap-enabled cards are backed by a technology that Dev calls "tokenization" because the identifying information being exchanged in a transaction is unique for just that one transaction, making it much harder for a fraudster to intercept any data that would allow them to compromise an account and use it again and again. Instagram-style portrait-mode orientation for cards may add a dash of design pizzazz, but the real reason for the shift is what's happening on the back end, where tap-based vertical cards go a step beyond what's possible on older systems. (Elevate Conference) Magnetic strip is on its way out Sukhmani Dev with Mastercard says the company sees itself as a 'payment technology' business and is always looking to make cards safer and easier to use. ![]()
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