MasterCard has unveiled the next generation of payment cards with increased security.
The card, in some ways, resembles a calculator or even a Smartphone.
It features a numerical keypad and a liquid-crystal display, which
enables the cardholder to create a one-time password to be used for
transactions that require a higher level of security such as large
purchases or money transfers, according to a MasterCard press release.
MasterCard and the Standard Chartered Bank Singapore have partnered to launch the Display Card technology.
“In Singapore, many customers bank with multiple banks,” V. Subba,
regional head of retail banking products for Standard Chartered Bank
said in the statement.
“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.”
Banks that require extra security for online banking use a separate
authentication token or device, the statement said. The new display
cards can provide that and, in the future, could incorporate additional
functionalities and be able to indicate other real-time information such
as available credit balance, loyalty or reward points, recent
transactions, and other interactive information.
“With the continued growth in online and now mobile initiated remote
payments, consumers are naturally demanding increased security,” said
Matthew Driver, a regional president for MasterCard. “The innovative
features of the Display Card serve to address this need, whilst
empowering consumers to do so much more with their payment cards.”
MasterCard Display Cards are being doled out to customers in
increasing numbers by banks all around the world, although Standard
Chartered Bank has launched the largest deployment of the cards to date,
the statement said.
California-based NagraID Security manufactures the card.
Cyril Lalo, CEO of NagraID Security, said the company “ramped up”
production capacity earlier this year “by investing heavily in equipment
and human resources in order to meet the growing demand for Display
Cards.”
“The increased throughput, combined with the experience acquired
during the past two years from the close collaboration with MasterCard …
enabled the implementation and deployment of this scale in a
record-breaking timeframe.”
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