AMP Bank has announced a strategic partnership with Mastercard to provide payment systems for AMP’s new digital bank designed and developed for the needs of Australia’s micro and small businesses. 

The partnership has been announced as AMP’s mobile-first bank gets ready to welcome its first small business and personal banking customers.

This collaboration with Mastercard will provide AMP Bank customers with seamless and secure payment technology, including Australia’s first numberless facing debit card for small businesses.

Through Mastercard, AMP Bank’s debit cards will enable transactions across more than 150 million merchants worldwide and cash access through hundreds of thousands of ATMs. Mastercard’s global network and advanced solutions will ensure fast, secure and reliable payment experiences.

Enhanced security 

In an Australian first for small business banking, the 16-digit card number will not appear anywhere on the debit card, providing greater security for AMP Bank customers, and reflecting global advancements in digital-first banking. 

By removing visible card numbers, small businesses will be less susceptible to fraud and scams, while being able to securely and easily access their card details through the new bank app for transactions where card details are required. 

The new AMP Bank app will include other new security features, such as advanced fraud and scam protection systems to protect customers, and multimodal biometric authentication. Customers will be encouraged to use face ID and fingerprint ID to enter the app and be prompted to record a video selfie when they first sign up, which helps prevent identity theft. 

The mobile app will be tailored, intuitive and secure, making banking easier and seamless for both small business and personal banking customers to access their account information.

A new partnership for a new bank

AMP Bank’s partnership with Mastercard marks a significant milestone as it approaches the launch of its new digital-first bank. 

The new bank will use Engine by Starling, the groundbreaking banking technology that enabled Starling Bank to become the first profitable digital bank in the UK; attracting more than 4.5 million small business and retail customer accounts since launching in 2017.

Like Starling Bank, the new AMP banking app has been designed so that business administration technology can be seamlessly integrated with core banking systems to make it easier for owners to operate and administer their businesses from the convenience of their mobile phone. 

These systems and features, including accounting software capability, will be progressively added to the AMP Bank app.

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.”  

Richard Wormald, Division President, Australasia at Mastercard 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 cardholders 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.”

^{The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517}