Mastercard plans to get rid of credit card numbers. We could be heading towards the end of cards

Antonina St/Shutterstock Gary Mortimer, Queensland University of Technology and Cassandra Cross, Queensland University of TechnologyMastercard has announced plans to remove the 16-digit number from their credit and debit cards by 2030 in a move designed to stamp out identity theft and fraudulent use of cards. The numbers currently used to identify cards will be replaced with tokenisation and biometric authentication In 2022, Mastercard added biometric options enabling payments to be made with a smile or wave of the hand. Tokenisation converts the 16-digit card number into a different number – or token – stored on your device, so card information is never shared when you tap your card or phone or make payments online. The first rollout of these numberless cards will be through a partnership with AMP Bank, but it is expected other banks will follow in the coming 12 months. Why card security is important There is nothing quite like the sinking feeling after receiving a call or text from your bank asking about the legitimacy of a card transaction. In 2023-2024 the total value...

Read More........ → February 18, 2025

What’s a trade war?

Philip Lange/Shutterstock Lisa Toohey, UNSW SydneyThis article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics and finance. Thanks to US President-elect Donald Trump, the term “trade war” is back in the headlines. Trump campaigned successfully on a platform of aggressive trade policies, and since being elected, has only doubled down on this posture. On Tuesday, he threatened Mexico and Canada with new 25% tariffs on all goods, and a separate “additional” 10% tariff on China “above any additional tariffs”. While the term might conjure up dramatic images of battlefield tactics, the real economic impact of any looming trade war is likely to hit much closer to home – both for Americans and the rest of the world. Global supply chains are deeply interlinked. That means a major trade war initiated by the US could push up the prices of all kinds of goods – from new cars to Australian-inspired avocado on toast. To understand where we might be headed, it’s worth unpacking the metaphor. What exactly is a trade...

Read More........ → December 27, 2024

The importance of saving and investing

Consumer EducationYour financial wellbeing starts with financial literacy. The more you know, the better equipped you are to plan and manage your finances.AVBOB proudly brings you Mutual Wellness in 60 Seconds, a series on financial wellness matters, and all things ‘mutual’.As Africa’s largest mutual society, AVBOB takes your financial health seriously.In the video below, we look at the importance of saving and investing.Saving and investingWhether it’s being prepared for life’s challenges or reaching your financial goals, savings can assist to make things happen.Despite tough economic conditions, you don’t have to give up your dreams of financial stability, quality education, a well-earned holiday or an emergency fund. The secret to successful investing is to start small.You can always increase the amount you invest. However, the key is to simply start… the sooner the better.Did you know that AVBOB offers 5-year and 10-year investment accounts that let you save from as little as R250 per month? Over and above the interest that you will receive, you will also be eligible to get bonuses...

Read More........ → October 01, 2024