In a world where “phone” means a pocket computer, it isn’t surprising that credit cards are turning into interactive security devices. MasterCard Worldwide, in collaboration with Standard Chartered Bank Singapore, has unveiled Singapore’s first interactive payment card, or security token card, using MasterCard’s Display Card technology, heralding the next generation of payment cards.
The MasterCard 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.
At present, banking institutions that necessitate a higher level of security for their online banking services require the use of a separate authentication token or device. The innovative 2-in-1 device, which combines the functionality of a standard payment card with a state-of-the-art security token, currently reflects the customer’s OTP. In future, this card 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.
From January 2013 onwards, all Standard Chartered 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.
The digital age has made buying, selling and generally moving money around much faster and more convenient. It’s also made it very easy to steal billions of dollars at the click of a mouse. To combat this, banks and credit card companies wage an unending arms race of increasingly sophisticated security measures. One of these is the security token, which is often a physical object like a key fob or an authorized smartphone that acts as an alternative means of confirming the user’s identity.
The problem is, whatever their form, security tokens are one more thing to keep track of. The MasterCard Display Card does double service both as a bank card and a security token. This is particularly important in Singapore, where banking transactions are often complicated.
More info at Gizmag | Master Cards
MasterCard releases card with LCD display and keyboard
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