Mastercard has laid out a bold plan that will transform the way we make payments including introducing biometric checkouts and numberless cards
The company’s five year vision will address emerging threats, improve security and make the transactions frictionless.
According to a AusPayNet, card related fraud in Australia reached nearly $1 billion in 2024.
“This vision underscores Mastercard’s commitment to collaborating with our partners to bring the very latest in simple, secure, and seamless payment innovations to Australians around the country,” said Richard Wormald, division president, Australasia at Mastercard.
“By ensuring that our technology evolves to meet both current and emerging threats and cardholder needs, we are not only safeguarding those in the ecosystem but also solidifying Australia’s position as a global leader in the rollout and adoption of cutting-edge payment technology.”
Mastercard has a plan to work with its financial institution partners in Australia and roll out these changes:
ONE CLICK BIOMETRIC CHECKOUT
Today customers enrol cards to make payments online and use one time pins and share sensitive information at checkout.
Instead customers will use secure biometrics – Face ID or fingerprint – to verify their identity and complete the transaction.
NUMBERLESS CARDS
Mastercard will work on releasing physical cards without the 16 digit number to offer stronger fraud protection.
The numbers will be removed from the front of the card and secured within banking apps before the end of the decade.
UNIQUE ONE TIME CARD NUMBERS
Digitising the card number through tokenization and cryptogram technologies can enhance security and offer card holders more control over their payments.
One way this can be achieved is by generating single use card numbers for one off payments or subscriptions and sitting controls including maximum transaction amounts, usage locations or merchants and limiting the transactions to certain retail categories.
ONE CARD, MULTIPLE WAYS TO PAY
Mastercard wants to give customers choice and control and with Mastercard One Credential it offers a single digital credential which offers multiple ways to pay.
Customers can then choose how transactions are funded – it can be based on location, debit, credit or installments or prepaid.
REAL TIME CARD PAYMENTS
Another option is real time payments which accelerates settlement time for businesses between the time the customer’s card is tapped and a sale is made to the time the money’s in their account.
Mastercard says it will make all its cards entirely from sustainable materials before January 1, 2028, and thereby removing first use PVC plastics from cards across its network.
“The future of payments in Australia is all about empowering people with complete control over their payments – from how they share their data, to how they pay and get paid, and even how their cards look,” Wormald added.
“By transforming the banking app into the ultimate control tower for your payments, we’re not just enhancing convenience; we’re building and maintaining the chain of trust that cardholders establish when they open a bank account.
“This approach ensures that sensitive data stays in the hands of the organisations they actively choose to trust with their financial information, making every transaction secure and seamless.”
