© Mastercard
In a study conducted by Cofidis Business Solutions and Harris Interactive, relayed by our colleagues from Le Figaro, we learn that 94% of French people favor their bank card in stores (compared to 87% for the average in Europe ). Over the year 2022, no less than 14 billion transactions were made by card in France for a total of 76 million cards in circulation.
If mobile payment (Apple Pay, Google Pay, etc.) has changed the payment market somewhat, the bank card continues to reign supreme. However, it should experience some profound upheavals in the years to come, while certain small changes are already notable.
A new design
First development, the abandonment of raised figures is already a reality for customers of many French banking establishments such as La Banque Populaire, Caisse d'Épargne, Crédit Mutuel and all online banks. This modification – which has not yet been adopted by BNP Paribas, Société Générale, Crédit Agricole or even LCL – makes card numbers more readable.
Furthermore, bank card issuers now split the 16-digit number into two lines to make them easier to read (see illustration below from Mastercard). The expiration date and CVC code (cryptogram) are also placed in more visible places.
© Mastercard
Another upcoming development is that the black magnetic stripe on the back of cards (once essential for transactions) has become obsolete. If you can still use it in the United States, this is no longer the case in France. It is for this reason that the issuer Mastercard has decided to remove the magnetic strip, invented in the 1960s by IBM, on all future bank cards issued this year.
The end of the magnetic tape
By 2033, there will no longer be any Mastercard cards with a magnetic strip in Europe. Visa, however, did not make the same choice and will extend the life of this magnetic bank for the few current users. According to the Mastercard press release, less than 1% of cash payments are made through a magnetic bank in Europe.
Faced with these developments, what will the bank card of tomorrow look like?? To adapt to new uses (contactless or mobile payment) and meet the expectations of tomorrow in particular in terms of security, issuers like Mastercard or Visa are working on validations by fingerprint or selfie. Enough to compete with mobile payment solutions like Apple Pay, which secure transactions by this means.
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