New Mastercard features LCD screen, includes keyboard
Modern-day form of payment being tested out in Singapore before global roll-out
Mastercard has announced that they will soon begin issuing out a new form of credit and debit card that comes complete with LCD display and built-in keyboard.
New cards from Mastercard will feature an LCD display and interactive keyboard.
The card is not available in the United States yet — it’ll be tested out in Singapore first before the company does a global roll-out of the new product.
News of this technology comes one year after Visa introduced a card with similar interactive functions.
Doing away with security tokens
A majority of the world’s major banks require customers to log in to online banking via a small security device called a security token. For those unfamiliar with the technology, a security token is used to prove one’s identity electronically by generating a one-off password that the customer must punch in when a card is being used.
A security token generates a one-off password that users must enter in order to use their credit / debit cards. (Image via: h-online.com)
By including an LCD screen on the card that generates the new password every time someone wants to use their credit card, along with touch-sensitive buttons that the user can punch directly into the card itself, the card owner can use their card without having to carry around the cumbersome security token.
“We brainstormed on ways to make it convenient and yet secure for customers,” said V. Subba from Standard Chartered Bank, which collaborated with Mastercard on developing the new technology. “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.”
Outlook
Mastercard suggests that their new 2-in-1 device card could one day display additional information like remaining balance, loyalty or reward points, or recent transaction history.
While doing away with the outdated security token will certainly be a welcome reprieve for global card users, it remains to be seen on just how long it’ll be in use. Smartphone manufacturers are making a major push on NFC — near-field communication — technology, that many experts predict will eventually lead to the doing away of debit and credit cards altogether. ■
Story via: mastercard.com
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