Security flaws and breached accounts are a big issue when it comes to banking, and many banks take sturdy routes to avoid this, but usually ends up with the public using complicated methods to ensure the safety of their bank account.
One commonly used product is a special key generator that manages to generate random codes that can be used to access your account and view your account information online. However, having lots of extra equipment just to use your bank can be inconvenient, and when you’re in a position where you manage many bank accounts at once, differentiating between back card key generators can become a nightmare.
Mastercard have been looking to amend this problem for quite some time now, and after a fair amount of planning, they’re set to release their new product into most Singapore by January 13th.
The new product has been called the ‘Display card,’ which works just like an ordinary card; it contains all your card details and has a chip to use with ATMs, but the big difference is that the new card has a built in keypad and an LCD display that allows owners to access the same information that previously key generators were needed for.
V. SUBBA, Head of Retail Banking Products for the Standard Chartered Bank in Singapore and Asia, has said that, “In Singapore, many customers bank with multiple banks. 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.”
The new card will be available for any Standard Chartered Online Banking and Breeze Mobile Banking customers involved in high-risk transactions, such as when transferring large sums between accounts or for when dealing with business requests and purchases, and will also display account details like account balance onto the LCD screen.
For now, there hasn’t been much talk about moving this product into any other countries, so Singapore will be a great test site for the reasonably new credit card technology.