November 13, 2012
The card, in some ways, resembles a calculator or even a Smartphone. It features a numerical keypad and a liquid-crystal display, which enables the cardholder to create a one-time password to be used for transactions that require a higher level of security such as large purchases or money transfers, according to a MasterCard press release.
MasterCard and the Standard Chartered Bank Singapore have partnered to launch the Display Card technology.
“In Singapore, many customers bank with multiple banks,” V. Subba, regional head of retail banking products for Standard Chartered Bank said in the statement. “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.”
Banks that require extra security for online banking use a separate authentication token or device, the statement said. The new display cards can provide that and, in the future, 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.
“With the continued growth in online and now mobile initiated remote payments, consumers are naturally demanding increased security,” said Matthew Driver, a regional president for MasterCard. “The innovative features of the Display Card serve to address this need, whilst empowering consumers to do so much more with their payment cards.”
MasterCard Display Cards are being doled out to customers in increasing numbers by banks all around the world, although Standard Chartered Bank has launched the largest deployment of the cards to date, the statement said.
California-based NagraID Security manufactures the card.
Cyril Lalo, CEO of NagraID Security, said the company “ramped up” production capacity earlier this year “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 two years from the close collaboration with MasterCard … enabled the implementation and deployment of this scale in a record-breaking timeframe.”