Don't be surprised if your next debit or credit card comes with a high-tech facelift.
Say hello to MasterCard's new Display Card. Manufactured by NagraID Security, the card looks and functions like your typical credit or debit card, except for a few new features, such an embedded LCD display and touch-sensitive buttons that will allow you to create a One-Time Password (OTP) for added authentication.
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Many banks currently require a separate authentication token or device for online banking and high-risk transactions. However, MasterCard says in a press release, their new card could help streamline the process without compromising security:
The innovative 2-in-1 device, which combines the functionality of a standard payment card with a state-of-the-art security token, currently reflects the customer’s OTP. In future, this card could incorporate additional functionalities and be able to indicate other real time information such as available credit balance, loyalty or reward points, recent transactions, and other interactive information.
For now, only a few European banks and Standard Chartered Bank Singapore will issue the Display Card.
As someone who has a long history of forgotten passwords and security codes, I might be a perfect candidate for this card. I guess that means I'm moving to Singapore then, huh?