Mastercard in Singapore has launched a new credit card that has an LCD display and built-in keyboard.
The card has touch-sensitive buttons and the ability to create a ‘one-time password’, doing away with the need for a separate device sometimes needed to log in to online banking.
Many people find using security tokens cumbersome given the need to keep it with them in order to use online banking.
According to the BBC, Mastercard’s interactive card aims to solve that issue.
“We brainstormed on ways to make it convenient and yet secure for customers,” the report quoted V Subba from Standard Chartered Bank, which is collaborating with Mastercard, as saying.
“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,” Subba added.
According to the report, future versions of the card could display added information such as the remaining balance.
The card will be available from January before being rolled out globally.