As part of a partnership with Singapore’s Standard Chartered Bank, MasterCard has launched its next generation interactive card, which features an embedded display and touch-sensitive buttons, in the country.
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Currently, banks and other financial institutions require the use of a separate authentication token or device (usually the customer’s mobile phone) for online transactions. This innovative two-in-one device by MasterCard, which combines the functionality of a standard payment card with a state-of-the-art security token, simply reflects the customer’s one time password(OTP). It’s the first interactive card to launch in the country.
The card, manufactured by NagraID Security, looks and functions almost exactly like a regular credit, debit or ATM card, but features an embedded LCD display and buttons which allow a cardholder to generate a OTP as an authentication security measure. Display cards can be used as authentication cards for secure, portable and cost-effective remote authentication of online banking and e-commerce transactions.
Standard Chartered Bank’s V. Subba said: “In Singapore, many customers bank with multiple banks. We brainstormed on ways to make it convenient and yet secure for customers. The question was: instead of sending customers another bulky token, could we replace something which already exists in the customer’s wallet? That was when credit, debit and ATM cards, immediately came to mind.”
Standard Chartered further announced that from January 2013 onwards, all their online banking or breeze mobile banking users will use the security token card as a new personal security device for higher-risk transactions such as payments or transfers above a certain amount, adding third-party payees, or changing personal details.
The cards can also be used as “information display” cards enabling cardholders to access critical information such as account balance anywhere, anytime – enhancing payment or banking experiences in a number of ways. MasterCard first launched the display card in 2010.
This article by Tefo Mohapi originally appeared on HumanIPO and was published with permission.
