Seeking to make using a credit card easier and eliminating the need for a secondary device for security authentication, MasterCard is rolling out the Display Card in Singapore.
The MasterCard Display Card is an interactive payment card that features an embedded LCD display and touch-sensitive buttons, while looking and functioning like a regular credit card. The display technology allows the user to generate a one-time password (OTP) for transactions requiring authentication. The cards are manufactured by NagraID Security.
The card will be launched in Singapore from January next year for Standard Chartered Online Banking or Breeze Mobile Banking users. While this will be the largest deployment of the MasterCard Display Card to date (similar cards have been released in Romania and Turkey), the card itself is not new and was first revealed in 2010. According to MasterCard, the Display Cards are being deployed by an increasing number of banks around the world.
"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," says MasterCard, adding that the Display Card brings two-factor authentication to the card itself.
"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."
As near-field communication (NFC) technology on smartphones poses a potential threat to the role of traditional payment cards, Display Cards could help to keep them relevant.
"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 OTPs. Or they can be used as 'information display' cards, enabling cardholders to access critical information," says MasterCard.
Last year, Visa also unveiled its own credit card with a built-in LCD display and keyboard, the CodeSure Matrix Display Card. The card is commercially available in Europe.
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