Illustration photo of a Mastercard logo on a credit card
Illustration photo of a Mastercard logo on a credit card

AMP Bank has announced the launch of Australia's first domestic numberless debit cards, which will be available to the public starting in February.

The innovative design of the card will no longer rely on the 16-digit card number. Instead, it will offer a better user experience and scammer protection as the card will be directly linked to the AMP mobile app for single-use transactions, thereby reducing the risk of fraud, particularly for small businesses that are often targetted by cybercriminals, News.com.au reported.

The initiative follows similar moves in Europe, where companies like Barclays and Curve have introduced numberless cards in 2020 and 2022. The AMP Bank card launch has a special aspect, which is its partnership with MasterCard. It is equipped with advanced security features such as multimodal biometric authentication, including face and fingerprint ID, along with video selfies for setup.

MasterCard aims to end numbers on bank cards by 2030, which means the new set of debit cards will shield small business owners from fraud and scams. The new cards are compatible with the digital bank that AMP Bank has established, with which MasterCard has established a strategic alliance.

"Numberless cards represent a significant step forward in payment security, offering cardholders additional protection against fraud and account compromise," MasterCard Australasia president Richard Wormald said, per Nine News.

He added that MasterCard has joined forces with AMP Bank to cash in on the booming of side hustles. According to him, Australian businesses will be able to keep their worries aside and focus on what they do best with when the new numberless cards come in handy.

"Digital banking has transformed the way we manage our money as consumers, but small business owners often miss out on that same seamless experience," he said. "With side hustles booming, many Australians are looking for a solution that works for both their personal and business lives."

A user will have to visit the app to get the required digits before making transactions. Businesses with an employee size of less than 20 can avail of the cards.

AMP has $21 billion in deposits and $23 billion in loans. Tuesday's opening hour of trading saw a 0.7% decline in the price of AMP's shares.