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.READ MORE: 4.3 Magnitude Earthquake Strikes Near Los Angeles
Instead of swiping cards, consumers will ‘dip’ them to pay for goods and services.READ MORE: San Francisco Mayor Defends Criticism After Video Catches Her Dancing Maskless at Night Club
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.MORE NEWS: COVID: San Mateo County Mounts Effort to Boost Coastal Town Vaccination Rates
Companies will be mailing replacement cards to consumers.