Forget NFC technology and sensitive credit information stored on phones and tablets: MasterCard on Tuesday announced the largest deployment of its next-generation payment card, the Display Card, thanks to a deal with Standard Chartered Bank Singapore.
The first Display Cards were actually launched in 2010, combining the traditional credit card features with a small LCD screen and one or more touch sensitive buttons. MasterCard claims these cards look, feel and can be used like any other credit or debit card, but the added electronic components allow them to be used as authentication cards, or as information display cards.
Currently banks issue a separate authentication token for online banking, especially during high-risk transactions like making payments or transferring money above a certain amount. MasterCard's 2-in-1 solution removes the need to carry a second authentication device.
According to the company, the "Authentication" aspect allows for remote authentication of online banking and e-commerce transactions by generating One-Time-Passwords (OTPs). The "Information Display" aspect allows users to access their available credit balance, loyalty or reward points, recent transactions, and other interactive information.
Beginning January 2013, all Standard Chartered Online Banking or Breeze Mobile Banking users in Singapore will use MastgerCard's Display Card as a Standard Chartered security token card for use in higher-risk transactions. Even more, all MasterCard Platinum and Bonus$aver credit cards as well as MasterCard Super Salary, XtraSaver, Bonus$aver debit cards issued in Singapore will be converted to Display Cards as well.
"We are pleased to have been able to support the launch of Singapore’s first Display Card by Standard Chartered," said Matthew Driver, president, South East Asia, MasterCard Worldwide. "With the continued growth in online and now mobile initiated remote payments, consumers are naturally demanding increased security. 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 deployed in increasing numbers by innovative banks all around the world, the company added on Wednesday.