AMP Bank has introduced Australia’s first numberless debit card, aiming to improve security for small businesses by reducing the risk of fraud and data breaches. The bank announced the initiative on Tuesday, with the cards set to be issued starting in February.
Strengthening Payment Security
The numberless card is designed to protect card details from being compromised through data breaches or fraud at small businesses. Without printed card numbers, expiration dates, or CVVs, the risk of hackers stealing sensitive data from merchants is significantly reduced.
To access card details, users must log into the AMP banking app, ensuring that the information remains secure and accessible only when needed. The move aligns with a broader industry shift toward enhanced payment security, with MasterCard aiming to phase out card numbers entirely by 2030.
Global Adoption of Numberless Cards
AMP Bank joins a growing list of financial institutions embracing numberless technology. The first major rollout of such cards occurred in Europe in 2020, when digital banking firm Curve introduced them. Chase UK and Barclaycard followed suit, while India’s FamPay adopted the technology the same year.
The trend reflects a shift toward digital-first banking solutions that prioritize security and fraud prevention, particularly for small businesses and entrepreneurs.
A Partnership with Mastercard and Starling Bank
The AMP numberless card is part of the bank’s broader digital transformation, developed in collaboration with MasterCard and supported by technology from London-based Starling Bank. The initiative aims to offer small business owners a more secure and seamless banking experience.
Richard Wormald, MasterCard Australasia’s president, emphasized the benefits of the new card, particularly for small businesses. “Numberless cards represent a significant step forward in payment security, offering cardholders additional protection against fraud and account compromise,” he said.
The move also aligns with the rise of side businesses in Australia, as more individuals seek solutions that integrate both personal and business financial management.
Amp’s Financial Standing
AMP Bank currently manages $23 billion in loans and $21 billion in deposits. The announcement of the new debit card came alongside a 0.7% drop in the company’s share price within the first hour of trading on Tuesday.
