MasterCard, in conjunction with Standard Chartered Bank’s Singapore division, is launching a new type of credit card technology, guaranteed add an extra level of security. The card features a built-in LCD display and touch screen functionality that allow the cardholder to key in a personal password each time the card is used. Other than that, it works just like any other credit or debit card.
Currently, a customer must punch a PIN or password into a separate device to authenticate a purchase. By creating the new 2-in-1 card, which combines payment information with its own security token, MasterCard is ushering in the next generation of credit cards. The company states in the future the card can be enabled to offer other features, as well, including credit balance, reward points and recent transactions—all by looking at the card itself.
“MasterCard continues to be at the forefront of payment technology,” said MasterCard Worldwide president of southeast Asia Matthew Driver. “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.”
Although Standard Chartered in Singapore is the first to launch the MasterCard Display Card, the cards are being deployed worldwide. Display cards will be issued beginning Jan. 13 to all Standard Chartered MasterCard Platinum, Bonus$aver and Super Salary credit card holders, as well as Bonus$aver debit card holders.
“We highly commend the initiative of Standard Chartered Bank as this deployment once again highlights the increasing popularity of display cards,” said NagralID Security—the Swiss company that helped MasterCard develop the technology—CEO Cyril Lalol. “Earlier this year NagraID Security ramped up production capacity 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 2 years from the close collaboration with MasterCard and Gemalto, enabled the implementation and deployment of this scale in a record-breaking timeframe.”