Global payments solutions leader MasterCard Worldwide, has, in partnership with Singapore’s Standard Chartered Bank, announced next generation interactive card, also known as a security token card, that uses its Display Card technology.
Currently, banks and other financial institutions that have intensified the security of their online banking services require the use of a separate authentication token or device (usually the customer’s mobile phone). 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, currently reflects the customer’s OTP.
The Display 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 touch-sensitive buttons which allow a cardholder to generate a One-Time Password (OTP) as an authentication security measure.
V. Subba, Regional Head of Retail Banking Products, Singapore and Southeast Asia, Standard Chartered Bank 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.”
Subba added that as a lead innovator in the banking industry, the company believes this is what sets it apart from competition.
“Our online banking platform is multi–award winning. We have been awarded the best consumer internet banking platform for Singapore by Global Finance for three consecutive years. The new Standard Chartered multi-function token is another good example of our customer-centric innovation,” Subba said.
Standard Chartered further announced that from January 2013 onwards, all their Online Banking or Breeze Mobile Banking users will use the Standard Chartered 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.
Matthew Driver, president, South East Asia, MasterCard Worldwide said: “MasterCard continues to be at the forefront of payment technology.
“From launching the first ‘paper’ card in the 1950s, to introducing magnetic stripes and EMV chips for secure, digitised payments, we are pleased to have been able to support the launch of Singapore’s first Display Card by Standard Chartered. 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.”
These new cards are the next step in a new era of card payments as they extending the payment card with interactivity.
They feature a small display and one or more touch sensitive buttons in addition to all the traditional payment card features.
Display Cards can be used as “Authentication Cards” for secure, portable and cost-effective remote authentication of online banking and e-commerce transactions by using the card to generate One-Time-Passwords (OTPs).
They can as well 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.