MasterCard launches next gen touch screen bank card in Singapore

Rowan —  November 29, 2012 — 1 Comment

Currently, banks and other financial institutions require the use of a separate authentication token or device (usually the customer’s mobile phone) for online transactions. As part of a partnership with Singapore’s Standard Chartered Bank, MasterCard has launched its next generation interactive card, which features an embedded display and touch-sensitive buttons, in the country.

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, simply reflects the customer’s one time password (OTP).

The card looks physically exactly the same as a normal bank card but also features an LCD display and a keypad to help generate the OTP. This is particularly useful to combat ecommerce fraud as one needs the physical card.

Standard Chartered Bank’s V. Subba 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.”

The card can also be used for viewing the balance on your account anywhere and anytime.

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One response to MasterCard launches next gen touch screen bank card in Singapore

  1. 

    This I very interesting concept allowing someone to telesign in a transaction or payment with the OTP. I’m hoping that more companies start to offer this awesome functionality.

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