Mastercard to eliminate physical card numbers by 2030

Following this announcement, the strategy aims to build upon the company’s recent plans to move towards a passwordless authentication process, while also representing part of a broader initiative to optimise security through improved technologies, like tokenisation and biometric authentication. 

In addition, the plans are set to start in the region of Australia, as Mastercard will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. 

More information on the announcement

The transition away from visible card numbers is expected to address the persistent challenge of payment fraud. Instead of static numbers, Mastercard will implement tokenisation technology that generates unique encrypted tokens for each transaction, a process that will focus on making it more difficult for criminals to steal or misuse payment credentials. The approach also follows EMVCo tokenisation standards that have become increasingly prevalent in the overall digital payments landscape.

In addition, under the new system, users will have the possibility to authenticate transactions using biometric methods such as fingerprints or facial recognition. The change was designed in order to create a more secure payment ecosystem while reducing risks for merchants and banks by minimising fraud and chargebacks. 

The implementation process is expected to begin in the region of Australia, where AMP Bank has been announced as the first institution to offer numberless debit cards. At the same time, additional financial institutions are expected to adopt the technology within the next year, supported by Australia’s progressive stance on digital payment modernisation.

The transition to numberless cards represents a development in payment security that affects multiple stakeholders, as it will provide customers with the possibility to benefit from enhanced protection against fraud and data theft. In addition, merchants and businesses will benefit from reduced fraud risks and fewer chargebacks, while banks and payment providers will gain a more secure transaction environment.