Standard Chartered Bank in Singapore has teamed up with MasterCard to offer a credit card embedded with an LCD display and touch-sensitive buttons, called a ‘Display Card’, which works as both a credit card and a security token device. This will make two-factor authentication more convenient, as users will no longer need a separate token device to read a one-time-password for logging into online and mobile banking. Besides this, the token functionality of the card is to be used for higher risk-transactions, such as high volume transactions or transfers, updating personal details, and changing online banking passwords.
See what the card looks like here.
While new in Asia, this card has been around in Europe for a couple of years now, pioneered by the Turkish subsidiary of BNP Paribas. Given that the Association of Banks in Singapore (ABS) has already introduced measures to enhance transaction signing to bolster online payment security, Singaporeans will find the switch toward using a display card an easy transition, being familiar with two-factor authentication.
While the spotlight has been on the potential of NFC technology eventually displace cards, one should not underestimate the level of innovation in the cards industry. In the future, the functionality of the display card may be extended to display real time information such as account balance, reward points, and recent transactions, for example.
Will innovation in card technology be able to hold off the impending progression of NFC and mobile payments? The 18th Cards & Payments Asia, slated for the 24th-25th of April, 2013, will be delving deeper into these issues, and featuring experts in the field from Standard Chartered, DBS, Citibank, OCBC and many more. If you'd like to be involved, get in touch with me at firstname.lastname@example.org.