MasterCard, the world’s second-largest processor of debit and credit transactions, recently unveiled a “display card” technology that could be the answer, according to a report from the company. At first glance, the piece of plastic looks like a card borrowers might find in their wallet today. Upon closer inspection, it is much more technologically advanced.
For one thing, it carries a microchip holding user account data, rather than a magnetic strip, and this technology – already popular in many parts of the world – is said to be more secure. But what makes this card unique is that it comes with a built-in keypad and LCD display, which can be used to create a one-time password that makes their account and the transaction itself more secure.
The card will not yet be issued in the U.S., but will first be tested in Singapore on Standard Chartered Online Banking and Breeze Mobile Banking accounts beginning in January, the report says. Many consumers there do business with more than one bank, and having the ability to work across multiple financial institutions can give users better flexibility with the account.
“With the continued growth in online and now mobile initiated remote payments, consumers are naturally demanding increased security,” says Matthew Driver, president of MasterCard Worldwide’s South East Asia business. “The innovative features of the Display Card serve to address this need, whilst empowering consumers to do so much more with their payment cards.”
All MasterCard Platinum and Bonus$aver credit cards, as well as its Super Salary, XtraSaver and Bonus$aver debit accounts will be issued as Display cards, the report says.
The technology has been in development for two years, the company says.