AMP to launch ‘numberless facing debit cards’ for small businesses

AMP Bank has announced a strategic partnership with Mastercard in order to deliver payment systems for its new digital bank. According to AMP, the digital bank is “designed and developed” for the needs of Aussie small and microbusinesses.

This partnership comes as AMP gears up to welcome its first small business and personal banking customers to its mobile-first bank.

Through this collaboration with Mastercard, AMP Bank customers will be provided with “seamless and secure payment technology”, which will reportedly include Australia’s first numberless facing debit card for small businesses.

According to AMP, the debit cards will allow transactions across more than 150 million merchants worldwide along with cash access through hundreds of thousands of ATMs thanks to Mastercard’s global network and advanced solutions, ensuring fast, secure, and reliable payment experiences.

By removing the 16-digit card number from the debit card, small businesses will be less vulnerable to scammers while being able to securely access their card details through the new bank app for transactions when required, AMP said.

Commenting on the partnership, Sean O’Malley, AMP Bank group executive, said: “AMP Bank is excited to partner with Mastercard as we get set to launch what we’re confident will be Australia’s leading digital banking experience.

“We all know that banks simply have to do a better job of supporting the millions of small businesses operating across Australia.

“That’s why we’ve developed a new mobile banking platform with leading tech that is proven to make it easier and safer for business owners to operate and administer their businesses.

“Mastercard’s numberless bank cards are one of many firsts for micro and small businesses that we expect to deliver with the digital-first AMP Bank.”

Division president, Australasia at Mastercard, Richard Wormald, said: “Digital banking has transformed the way we manage our money as consumers, but small business owners often miss out on that same seamless experience.

“With side hustles booming, many Australians are looking for a solution that works for both their personal and business lives.

“Numberless cards represent a significant step forward in payment security, offering card holders additional protection against fraud and account compromise.

“Mastercard is proud to partner with AMP Bank to deliver these new safeguards to Australian entrepreneurs, empowering them to spend less time worrying about fraud and scams, and more time focusing on what they do best.”

[RELATED: AMP Bank to ‘transform’ settlement process]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.