Mastercard, one of the largest payment providers in the world, is exploring the possibility of changing the format of its cards. Specifically, it is looking into the viability of removing 16-digit card numbers and replacing them with dynamic card details. This means that new card details would be generated every time the card is used, and the move would potentially help crack down on the theft of card details perpetrated by online hackers.
Along with Visa, Mastercard is one of the biggest payment providers in the world and deals with trillions of dollars of transactions every year. As well as being used in retail stores and physical businesses, it is a popular means of payment for online services including gaming, ecommerce, and iGaming.
Several of these platforms, especially online gaming options have evolved their offerings to accommodate a wide variety of payment options. Players can follow as Card Player explores Australias online casino scene, to view recommended options and choose a platform that prioritizes customer payments. These options also offer players access to hundreds of games and connected freebies.
One of the reasons for their popularity is the level of security and safety they offer. Cryptocurrency uses private key-based cryptography to offer secure payments. Transactions themselves cannot be hacked, and users who use cold wallets and other secure payment and storage solutions can further ensure transactions remain secure.
Visa, Mastercard, and other payment solutions have their own systems of security, but they may not be as advanced as decentralized crypto payments. One major threat is online theft. Hackers can potentially view online transactions as they are made if they have control of a user’s system or a website or server where payments are processed.
This enables them to get details like card numbers. Although additional security checks are generally made, there are instances where hackers can use credit card numbers to make purchases or acquire further information.
Under Mastercard’s proposed new system, the card would dynamically generate a new credit card number for every transaction. This means that hackers would not be able to reuse the card details, effectively rendering these hacking data thefts useless. The new system would also enable users to click a few buttons to make a purchase and authorize a transaction before then using biometrics to help finalize the purchase.
Australians alone lost $1 billion to card fraud last year, and MasterCard believes that the new cards would help to combat this loss. Some of the country’s biggest banks, including Commonwealth Bank and Westpac are at least considering getting on board with the new system.
Westpac has said that it is “yet to make a decision” on the system, but Commonwealth Bank has been described as being excited about the prospect. Numberless cards might be new to Mastercard, but they are not a new concept.
Visa can already offer this technology, and some banks have rolled out numberless cards in markets like Mexico. We are likely to see this technology roll out across banks and in various markets in the future, with Visa and Mastercard leading the push.
0 comment
JOIN THE CONVERSATION
Read and post comments with a
digital subscription.