Mastercard has this month launched a new credit card in Singapore which is equipped with an LCD screen and built-in touch-sensitive keyboard. This innovative feature enables the card 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. This added functionality could significantly enhance the user experience by providing real-time access to essential account details directly on the card.
Enhanced Security Features
The new credit cards have been developed to allow account holders to stop the need to carry a security token that generates passwords for access to online accounts. This is a significant step forward in terms of convenience and security. By integrating the password generation feature directly into the card, users no longer need to worry about losing or misplacing a separate security token. This reduces the risk of unauthorized access to their accounts.
However, mobile phone manufacturers are hoping users will drop credit cards altogether, replacing them with NFC communication technology. NFC, or Near Field Communication, allows for contactless payments using smartphones, which many argue is the future of secure transactions. Despite this, the physical credit card remains a staple for many consumers who prefer its familiarity and reliability.
Industry Collaboration and Future Prospects
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.”
This collaboration highlights the ongoing efforts within the financial industry to innovate and improve customer experience. By leveraging existing technologies and integrating them into familiar formats, companies like Mastercard and Standard Chartered Bank are paving the way for more secure and user-friendly financial products.
The potential for these LCD-equipped credit cards extends beyond just security. Imagine being able to check your account balance or review recent transactions without needing to log into an online banking portal. This could be particularly useful for individuals who are frequently on the go and need quick access to their financial information.
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. The success of this initiative in Singapore could serve as a pilot for broader adoption in other markets, depending on consumer response and technological feasibility.
In conclusion, Mastercard’s new LCD screen-equipped credit card represents a significant advancement in the realm of secure financial transactions. By integrating a touch-sensitive keyboard and the ability to generate one-time passwords, these cards offer enhanced security and convenience. As the financial industry continues to evolve, innovations like these will play a crucial role in shaping the future of how we manage and access our money.
Source: BBC
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