**Mastercard Plans to Eliminate Card Numbers in Australia by 2030**
Mastercard is set to remove all digits from physical credit and debit cards in Australia, a move aimed at reducing fraud and minimizing consumer exposure to data breaches. The company’s executives recently visited Melbourne to discuss their five-year product roadmap with bank and merchant partners.
By 2030, Mastercard intends to replace the traditional 16-digit card numbers with tokenization and biometric authentication. The first Australian bank is expected to announce its rollout of numberless cards soon, with more banks to follow within the next year.
Mastercard’s chief consumer product officer, Bunita Sawhney, emphasized the importance of not storing card numbers, stating, “We don’t want anyone to store that number, and we don’t want to have that piece of information be exposed any more than it needs to be.”
While customers will still have physical cards for in-person transactions, the static 16-digit numbers will be replaced by tokens generated through banking apps, ensuring that actual card information remains confidential. These tokens can be customized for specific merchants or limited-time use, enhancing security.
Mastercard’s head of security solutions, Johan Gerber, noted that Australia accounts for about 25% of global fraud detected by the company, with online fraud rates significantly higher than in-store. He highlighted the ongoing challenge of cybercrime, stating, “Numberless cards are not going to solve the problem. They are going to make things more secure, but it’s an arms race, and the criminals will always find a way.”
Mastercard’s initiative marks a significant step in enhancing payment security in the financial industry.
