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.
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.
