
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: Lockdown-Violating Underground Gatherings Investigated Over Recent Spate of San Jose ShootingsInstead of swiping cards, consumers will ‘dip’ them to pay for goods and services.
READ MORE: The Game Changer: New Test Helps Doctors Find Hidden Prostate CancerThe 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: Oakley School Board Interim Trustees Vote to Fill Vacant Seats; Reject Special ElectionCompanies will be mailing replacement cards to consumers.