Now this is a pretty cool thing – Mastercard has just released a new kind of credit card that features a built-in keyboard and an LCD display.
The next-generation credit card, known as the Display Card, features touch-sensitive buttons and has the ability to create one-time passwords (OTPs), which will do away with the need for a separate device to authenticate purchases.
Meanwhile, the LCD Display will allow cardholders to see information such as their account balance, their spending limit, and their dynamic passcode whenever they need. In addition, it may also be able to display other information, such as recent transactions and loyalty points.
Mastercard said that the new cards have been developed in collaboration with NagralID Security, a Swiss cybersecurity firm.
It says that the Display Card technology makes the cards more convenient for their customers when performing actions such as online purchases or banking online, as they can use it to facilitate the entire transaction.
The cards will be rolled out first in Singapore on January 13, available to customers of the Standard Chartered Bank and Breeze Mobile Banking. The card will act as an additional layer of security for customers performing higher-risk actions, say the banks. These include transfers and payments above a certain amount of money, changing personal details, and adding third-party payees.
According to V. Subba, Standard Chartered’s head of retail banking products:
“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.”