AMP (ASX:AMP) will debut numberless debit and credit cards next month, aimed at reducing fraud and data breach risks, The Australian reported Monday, citing John Arnott, AMP Bank small business and personal banking director.
The cards will be issued through AMP's upcoming digital bank, designed for small businesses, per the report.
Mastercard will provide the payment infrastructure, with the AMP app featuring biometric security and fraud protection. Customers will use face and fingerprint identification for access, and a video selfie will be required during sign-up to prevent identity theft, the report said.
AMP's initiative will be the first in Australia, following Mastercard's similar launches in Europe and North America.
The report added that the financial services company's platform, backed by Starling Bank's software-as-a-service technology, will provide small businesses with fewer than 20 employees with integrated personal and business account management.
AMP plans to refine its offerings based on customer feedback with new features like accounting software set to roll out over the next year.
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