Which of the following is true for magnetic card technology?

Magnetic card technology is recognized as the oldest card technology among the options listed. This method utilizes magnetic stripes on the back of cards to store and transmit data. Introduced in the mid-20th century, magnetic stripe cards became prevalent as a method for processing payments and storing information.

In contrast to more modern technologies like smart chip cards, which enhance security and offer additional functionalities, magnetic stripe technology lacks advanced security features, making it less effective in protecting against fraud. Understanding the historical context of this technology is essential, as it highlights its limitations compared to newer innovations in payment methods.