MasterCard’s customers in Singapore will do banking with a different type of card. In partnership with Standard Chartered Bank Singapore, the brand launched a product based on MasterCard’s own technology Display Card.
The card, manufactured by NagraID Security, is similar and works in much the same way as those available on the market today, but comes with an LCD screen and touch-sensitive buttons, whereby the holder can generate a one-time password (OTP) as an additional security measure.
There is also the token card functionality – separate authentication device. And MasterCard says eventually it will be able to display real-time information as available balance, points in loyalty programs, recent transactions, etc.
The novelty comes into operation in early 2013, when all users of Standard Chartered Online Banking or Mobile Banking Breeze will use the card as token transactions for risk or high amounts.