New Mastercard with built-in keyboard set to change online banking
A newly launched credit card has eliminated the need for separate devices which are often needed to log into online bank accounts.
credit cardMastercard has rolled out a credit card with an LCD display and built-in keyboard in Singapore, complete with touch sensitive buttons and the capacity to create a “one-time password”.
The innovative card aims to do away with the hassle caused to customers by online security measures currently in place with some banks.
To access bank accounts online, customers at a number of the world’s banks must use a small security device to generate a unique password, which can be used only once.
While this is more secure than typical username and password log-in systems, many people find keeping their security devices to hand something of a burden.
“We brainstormed on ways to make [online banking] convenient and yet secure for customers,” said V Subba from Standard Chartered Bank, which is collaborating with Mastercard.
“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.”
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Future versions of the card could display information such as remaining balance, in addition to loyalty or rewards points and recent transaction history.
The card will be available from January, after which it will be rolled out globally.
But while credit card companies seek to increasingly improve the portability of secure banking, smartphone manufacturers are aiming to remove the need for plastic altogether.
NFC (near-field communication) technology is used to turn mobile phones in mobile wallets, and shipped on over 106 million Android smartphones in 2011.
The LCD display Mastercard is not the only recently launched card – prepaid debit card MySpree has earned 100,000 UK employees a whopping £13.6 million in cashback.
By using the prepaid debit card, which provides unlimited cashback, at participating retailers, cardholders can potentially earn £569 in one year.