What Does Magnetic Stripe Reader Mean?
A magnetic stripe reader is a device designed to read the information stored within the magnetic stripe of special cards such as credit cards and ATM cards. The magnetic stripe is usually located on the back of the card or badge and contains the account details of the person who owns the card. This information is then verified in real time with the issuer of the card.
Techopedia Explains Magnetic Stripe Reader
Magnetic stripe readers are a type of data capture device that reads information through contact with a magnetic stripe, which is often part of a card or badge. The idea for the magnetic striped card is accredited to Forrest Parry, an IBM engineer, who simply sticky-taped a strip of magnetic tape onto a piece of cardboard in 1969. In the same year, major development of the technology began at the IBM Information Records Division (IRD) for the magnetic stripe card and the magnetic stripe reader. On February 24, 1971 IBM officially announced the IBM 2730-1 Transaction Validation Terminal and the first Magnetic Credit Card Service Center.
