|By Business Wire||
|November 6, 2012 10:00 PM EST||
MasterCard Worldwide, in collaboration with Standard Chartered Bank Singapore, has unveiled Singapore’s first interactive payment card, or security token card, using MasterCard’s Display Card technology, heralding the next generation of payment cards.
The MasterCard Display Card, manufactured by NagraID Security, looks and functions almost exactly like a regular credit, debit or ATM card, but features an embedded LCD display and touch-sensitive buttons which allow a cardholder to generate a One-Time Password (OTP) as an authentication security measure.
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. The innovative 2-in-1 device, which combines the functionality of a standard payment card with a state-of-the-art security token, currently reflects the customer's OTP. 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.
From January 2013 onwards, all Standard Chartered Online Banking or Breeze Mobile Banking users will use the Standard Chartered security token card as a new personal security device for higher-risk transactions such payments or transfers above a certain amount, adding third party payees, or changing personal details.
V. Subba, Regional Head of Retail Banking Products, Singapore and Southeast Asia, Standard Chartered Bank 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.”
“As a lead innovator in the banking industry, we believe this is what sets us apart from competition. Our online banking platform is multi-award winning. We have been awarded the best consumer internet banking platform for Singapore by Global Finance for three consecutive years. The new Standard Chartered multi-function token is another good example of our customer-centric innovation.”
Matthew Driver, president, South East Asia, MasterCard Worldwide said, “MasterCard continues to be at the forefront of payment technology. 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.”
MasterCard Display Cards are being deployed in increasing numbers by innovative banks all around the world, with Standard Chartered Bank launching the largest deployment of Display Cards to date. All MasterCard Platinum and Bonus$aver credit cards as well as MasterCard Super Salary, XtraSaver, Bonus$aver debit cards issued in Singapore will now be Display cards.
Cyril Lalo, CEO of NagraID Security, said, “We highly commend the initiative of Standard Chartered Bank as this deployment once again highlights the increasing popularity of Display Cards. 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.”
NOTE TO EDITORS:
MasterCard Display Cards herald a new era in card payments, extending the payment card with interactivity. Display Cards feature a small display and one or more touch sensitive buttons in addition to all the traditional payment card features. 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 One-Time-Passwords (OTPs). Or they can be used as “Information Display” Cards enabling cardholders to access critical information such as account balance anywhere, anytime – enhancing payment or banking experiences in a number of ways. MasterCard first launched the Display Card in 2010.
About MasterCard Worldwide
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
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