Mastercard has this month launched a new credit card in Singapore which is equipped with a LCD screen and built-in touch sensitive keyboard. Enabling it to create a one-time password without the need for any extra devices to be carried.
As well as being more secure Mastercard also revealed that in the future their credit cards equipped with the new LCD screens might also be able to display account information such as remaining balance, loyalty points and even recent transaction history.
The new credit cards have been developed to allow account holders to stop the need to carry a security token that generates a passwords for access to online accounts. However mobile phone manufacturers are hoping users will drop credit cards all together, replacing them with NFC communication technology. V Subba from Standard Chartered Bank, which is collaborating with Mastercard explained :
“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.”
Unfortunately no information on worldwide availability has been released as yet by Mastercard, but as soon as information comes to light we will keep you updated as always.