SAN FRANCISCO (CBS SF) — The magnetic strip on the back of credit and debit cards going the way of 8-track tapes and dial-up Internet soon.

After October 1, card companies are shifting to EMV technology and replacing the magnetic strips with microchips.

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Instead of swiping cards, consumers will ‘dip’ them to pay for goods and services.

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The new technology is supposed to reduce fraud.

EMV stands for ‘Europay, MasterCard, and Visa.’ The microchips are already being used in Europe and other parts of the world.

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Companies will be mailing replacement cards to consumers.