The first-ever numberless debit card will be launched in the Philippines with the partnership between Masterbank Inc. and UNO Digital bank to counter theft and data risks.
Global payment company, Mastercard Inc., has partnered with UNO Digital bank to launch the first numberless debit card to address security concerns of online and offline payments in the country.
Debit cards are popular for making it easy to withdraw funds from a checking account using an automated teller machine (ATM). Unlike credit cards, debit cards help avoid debt accumulation. It has little, to no fees, and no interest charges, making it a preferred payment tool because many establishments accept it, with Covid-19 forcing people to transform digitally worldwide.
However, debit cards have limited fraud protection. Fidelity National Information Services Inc. (FIS) reported that the pandemic led to a 35 percent rise in dollar volume of attempted fraudulent transactions.
While regulators are aware of the problem and are working to protect citizens from fraudsters, criminals learn quickly and employ more sophisticated methods.
Countering theft
With this, Mastercard Inc. and UNO Digital bank said that the new numberless debit card would only show the cardholder’s name and the logos of both companies. The feature averts the risk of personal or financial data theft in case the card is stolen or lost.
Important details in the card would now be embedded in its chip for safer transactions.
“The numberless UNO Debit Mastercard combines security with convenience, bringing together the advantages of a safer and more secure debit card.” Mastercard Philippines Country Manager Simon Calasanz said.
“Through this partnership, Mastercard is enabling innovative, easy-to-use, and frictionless transactions for consumers as they spend and seek priceless experiences," he added.
Meanwhile, UNO Digital Bank CEO Manish Bhai said that working with Mastercard Inc. has given the full-service digital bank the opportunity to provide customers with an innovative payment experience via a numberless card.
Cardholders have the option to lock their card temporarily and reset the daily transaction limit in-app anytime to prevent misuse.
An email or SMS alert will be sent whenever a transaction occurs to track usage. A cardholder will also be notified of any suspected fraudulent activity.
The PIN-enabled physical card contains a Europay Mastercard Visa (EMV) chip to reduce potential fraud or risk. These chips can only be authenticated by special readers, making them more secure than strip-only cards.
The card also includes Mastercard's Tap & Go feature, which can be used at point-of-sale terminals that display the universal contactless symbol for faster checkout. It can also be used for cash withdrawals at ATMs where Mastercard is accepted, both here and abroad.
The physical card is made of recyclable plastic and is 85.5 percent polyvinyl chloride plastic, making it environmentally friendly.
“Through the numberless UNO Debit Mastercard, the first in the country, we can demonstrate how innovation can elevate the banking experience.” Bhai concluded.
There is yet no announcement when this will be implemented, but it is something to look forward to as technology continues to protect the public from financial and data theft.
Tags: #Digital, #DebitCard, #Numberless