I have been developing credit card terminal applications and security systems professionally. Magstripe is historically for fallback mechanism when the chip on

I have been developing credit card terminal applications and security systems professionally. Magstripe is historically for fallback mechanism when the chip on the card or the reader in the terminal might be damaged. There is also a class of terminals that may not have the chip reader altogether, for example airlines didn't bother with chip at all for very long time.