Implemented first in Singapore by Standard Chartered bank for few of its customers, the Display Card will be like a regular debit / credit card in every aspect except that it will also incorporate an embedded LCD display and a touch sensitive keypad. With the inclusion of such features, MasterCard aims to eliminate the hassles of carrying a separate authentication device or a token.
According to MasterCard, the Display Cards are a cost-effective alternative to tokens currently used for authentication on online banking sites. They can be used as “Authentication Cards” by generating One-Time-Passwords (OTPs). Another feature of the Display Card is that it will display available balance, reward points and may be recent transactions in the future.
“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,” said V. Subba, Regional Head of Retail Banking Products, Singapore and Southeast Asia, Standard Chartered Bank in a press release.