Magnetic Stripe

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What Does Magnetic Stripe Mean?

Magnetic stripe technology allows data to be stored on a conventional plastic card by magnetically charging tiny bits within a magnetic stripe on one side of the card. This type of technology has largely built the new credit and debit card model, which has, to a certain extent, replaced cash transactions around the world.

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Magnetic stripe is also known as magstripe.

Techopedia Explains Magnetic Stripe

By creating magnetic stripe cards with high durability and data integrity, banks and financial businesses have been able to implement all sorts of card-based transactions and procedures. Magnetic stripes are used in millions or billions of transactions per day and are also getting put into various types of identification cards. Specialized card readers can quickly take information off of a magnetic card, which is sent to a bank for authorization/authentication.

However, in recent years, a brand-new technology has emerged to rival magnetic card transactions. Experts refer to this as a “contactless payment system”; it involves situations where transaction information may be transmitted, not by a magnetic stripe, but by RFID signals sent from a small device chip. Apple, Inc., is pioneering contactless payment systems with its newest class of mobile devices, and others are likely to follow this trend, providing a future alternative to magnetic stripe cards.

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Margaret Rouse
Editor

Margaret jest nagradzaną technical writerką, nauczycielką i wykładowczynią. Jest znana z tego, że potrafi w prostych słowach pzybliżyć złożone pojęcia techniczne słuchaczom ze świata biznesu. Od dwudziestu lat jej definicje pojęć z dziedziny IT są publikowane przez Que w encyklopedii terminów technologicznych, a także cytowane w artykułach ukazujących się w New York Times, w magazynie Time, USA Today, ZDNet, a także w magazynach PC i Discovery. Margaret dołączyła do zespołu Techopedii w roku 2011. Margaret lubi pomagać znaleźć wspólny język specjalistom ze świata biznesu i IT. W swojej pracy, jak sama mówi, buduje mosty między tymi dwiema domenami, w ten…