AMP has launched its innovative digital banking service featuring numberless cards tailored for small businesses and everyday customers. These new cards do not display traditional 16-digit numbers, promoting enhanced security by using digital tokens for payments, accessible through AMP’s updated mobile app. The app incorporates multiple security measures, including selfie video verification processed by live customer representatives, to safeguard against identity theft.
Additionally, users can conveniently hide or reveal their account balance on the app with a simple button press, ensuring privacy. AMP’s Group Executive, Sean O’Malley, emphasised that the platform is designed for everyone, from micro-business owners to casual banking customers, offering advanced cyber protection and the ability to integrate with popular small business software.
With a growing customer base of over one million across Australia and New Zealand, AMP aspires to transform the banking experience for various user types. Furthermore, Mastercard has plans to eliminate card numbers entirely by 2030, opting for tokenisation and biometric methods. This shift comes as Australia grapples with card fraud, losing over $700 million annually due to scams. Since 2020, numberless cards have gained traction, beginning with European fintech firms before spreading to the UK and India.