Set to launch in February 2025, the new card eliminates the traditional card number, making it harder for scammers to access sensitive information through card number theft, which is a growing concern for small businesses.
The numberless card works by removing visible card numbers, reducing the potential for fraud. Instead of displaying the card number, users will access the necessary details through the AMP mobile app when making a transaction. This approach is designed to provide customers with more control over their financial information while reducing the risk of card fraud.
AMP Bank's initiative follows similar moves by European banks such as Curve and Barclays, which introduced numberless cards in 2020 and 2022, respectively. MasterCard, which is partnering with AMP Bank on the launch, has expressed its commitment to phasing out card numbers entirely by 2030.
According to representatives of MasterCard Australasia, numberless cards offer additional protection for consumers and businesses, allowing small business owners to focus on their work instead of worrying about fraud. The cards are particularly beneficial for small businesses, which often struggle with payment security and have fewer resources to mitigate fraud risks.
AMP Bank's new digital banking services, tailored to businesses with fewer than 20 employees, will integrate with MasterCard's security technology, ensuring a seamless and secure payment experience. AMP’s digital bank aims to address the needs of small business owners who often find it challenging to manage both personal and business finances. With the rise of side hustles and small businesses in Australia, AMP’s numberless cards are expected to meet the increasing demand for secure and efficient banking solutions.
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