MasterCard Worldwide, in collaboration with Standard Chartered Bank Singapore, has unveiled a payment card, or security token card, using MasterCard's Display Card technology in Singapore.
The MasterCard Display Card 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, the company said.
The device which combines the functionality of a standard payment card with a security token, currently reflects the customer's OTP. In future, this card could incorporate additional functionalities and be able to indicate other information such as available credit balance, loyalty or reward points, recent transactions, and other information, the company added.
According to the company, 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 as 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 A 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."