Credit and debit card issuer MasterCard has introduced a new generation of card that includes a keyboard and LCD display for generating one-time only passwords.
The Display Cards work like any other payment card but have a small display window and touch-sensitive buttons.
The cardholder can see information, such as number and text, on the small visual display, such as a dynamic passcode, an account balance and a spending limit. It also lets holders access other information, such as loyalty points and recent transactions.
The Display Card technology has been developed for MasterCard in collaboration with Swiss security specialist NagraID Security.
The remote authentication capability of display cards make them favourable, especially for cardholders banking online or making online purchases, to facilitate secure remote online transactions.
The cards will be deployed in Singapore from 13 January by Standard Chartered Bank and Breeze Mobile Banking. All customers will use the 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.
“In Singapore, many customers bank with multiple banks. We brainstormed on ways to make it convenient and yet secure for customers,” said V Subba, regional head of Retail Banking Products, Singapore and Southeast Asia, Standard Chartered Bank.
“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.”