Apple introduced the Mastercard branded Apple Card, which will not have a number on the physical card as a way to improve security in case a customer loses it.
Wednesday 27, March 2019
(Bloomberg) --First it was the signatures. Now the biggest US banks could be looking to get rid of card numbers, too.
Craig Vosburg, the President of North America for Mastercard, said that the Apple Card may encourage other banks to also ditch the static number in favour of more secure limited-use numbers.
“We want security to be at the highest level possible across the ecosystem, and we want to do that in ways that do not introduce friction and make payments inconvenient for consumers,” Vosburg said.
Mastercard and other US payments networks have opted to ditch signatures because they became less necessary as a security measure after the US implemented chip technology in cards.
Additionally, some large US banks such as Capital One have already begun to test virtual card numbers that are assigned to specific merchants.
The Apple Card is tied to Apple Pay, a service that lets people load banking information and pay in-store or use it for purchases online. It works globally where Apple Pay is accepted, lets users track spending in Apple’s Wallet app and focuses on transaction privacy.