Microchips Replacing Magnetic Strips On Credit, Debit Cards

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.

Instead of swiping cards, consumers will 'dip' them to pay for goods and services.

The 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.

Companies will be mailing replacement cards to consumers.