Mastercard is set to stop issuing cards with a magnetic strip.
The company - which has claimed to be the first payment network to phase out the old technology - has revealed that none of its debit or credit cards will have a strip by 2033.
While the UK switched to chip-and-pin card payments in 2006, the US still has some magnetic strip systems being used by businesses.
However, Mastercard has noted the security benefits of both chip-and-pin and biometric cards, with the latter using fingerprints.
Banks in regions around the world will be able to issue stripless cards from 2024, while Mastercard won't issue any cards with a magnetic strip from 2029.
Ajay Bhalla, president of Mastercard’s Cyber & Intelligence business, said in a statement: "It’s time to fully embrace these best-in-class capabilities, which ensure consumers can pay simply, swiftly and with peace of mind.
“What’s best for consumers is what’s best for everyone in the ecosystem.”
Howard Hammond, executive vice president and head of consumer banking at Fifth Third Bank, added: "True progress also means retiring technologies that no longer meet our needs. “The way we shop, pay and interact is changing, and we are meeting these evolving needs with smarter and more secure experiences.”
