The chip in the bank card is a special microprocessor working with special software. This device contains data about the card and the cardholder. EMV is considered the most common chip standard. The chip also contains a code that authorizes transactions and protects card data.
There’s also an NFC chip. Using this technology, smartphones, bracelets, bank cards, etc. To demagnetize an NFC device, the magnetic field must be very strong. In everyday life this is absolutely not possible. Especially with a smartphone.
Magnets do not pose a danger to the card. During an experiment, only the tape was demagnetized, not the chip itself.
And even if the chip on the bank card is demagnetized, this will not greatly affect its operation. You will not be able to pay for contactless purchases and withdraw cash from an ATM. However, as before, you will transfer money and pay for purchases in online stores and regular stores. Only the card itself will need to be inserted into the terminal. You can also rearrange the card very quickly: it will take no more than a week.
Source: Ferra
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