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Many companies have been trying to make credit card transactions safer for consumers in recent years, and one of the world’s largest payment processors might just have a new solution.
MasterCard, the world’s second-largest processor of debit and credit transactions, recently unveiled a new “display card” technology that could make it far easier for users to make secure purchases, according to a report from the company. At first glance, the piece of plastic looks like a standard credit card borrowers might find in their wallet today, but upon closer inspection, it is much more technologically advanced.
For one thing, it carries the a microchip that holds users’ account data, rather than a magnetic strip, and this technology – which is already popular in many parts of the world – is said to be more secure, the report said. But what makes this card unique is that it comes with both a built-in keypad and LCD display, which can be used in concert to create a one-time password that makes their account and the transaction itself more secure.
However, the card will not yet be issued in the U.S., but will first be tested in Singapore, on Standard Chartered Online Banking and Breeze Mobile Banking accounts, beginning in January, the report said. The idea behind the decision to begin testing in Singapore came because many consumers there do business with several banks, not just one, and having the ability to work across multiple financial institutions can give users better flexibility with the account.
“With the continued growth in online and now mobile initiated remote payments, consumers are naturally demanding increased security,” said Matthew Driver, president of MasterCard Worldwide’s South East Asia business. “The innovative features of the Display Card serve to address this need, whilst empowering consumers to do so much more with their payment cards.”
Going forward, all MasterCard Platinum and Bonus$aver credit cards, as well as its Super Salary, XtraSaver and Bonus$aver debit accounts will be issued as Display cards, the report said. The new technology has been in development for two years.
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Companies in a number of industries have been working to make financial transactions more secure in the ever-evolving world of payment technology, and this is particularly true for credit cards themselves, which can be more vulnerable to fraud.
Image Courtesy of MasterCard