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 13^th.

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.

[Source]

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The Google Nexus S has a near field communications (NFC) chip in it, so you know that Google is interested in pursuing this technology for a variety of purposes. The most obvious application is mobile payments and it looks like the search engine has just made its next big move on this front, buddying up with MasterCard and Citigroup to make it happen.

The concept of using NFC for mobile payment isn’t novel, by any stretch, but it’s just on the cusp of hitting the mainstream in North America. This partnership could really be the tipping point, rendering the “barcode” style Starbucks app obsolete. Just tap the phone, pay for your latte, and be on your merry mobile way.

The interesting thing is that Google isn’t at all interested in taking a cut from the transaction revenue. Instead, it’s going back to its search business, selling (aggregate) customer information back to retailers. The stores can then offer targeted ads and discounts to their customers.

Considering all the security things with chip-and-pin technology, requiring signatures, and all that jazz, it’s almost ironic that they want to make it as easy as tapping a phone to pay for a new Xbox at a brick and mortar store. Now, if you lose your phone, you could be losing so much more. The thief can check your email, update your Facebook, and potentially load up on filet mignon at Morton’s Steakhouse!

[WSJ]

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Swipe your ZoomPass tag module to make a transaction.

It sounds very similar to some systems you may have seen overseas, but it seems that the “use your cell phone as a payment system” technique is being fully transferred over to the Canadian marketplace. Following up on Zoompass from EnStream is the new Zoompass Tag.

Bell Mobility, Rogers, and Telus are all on board with this new technology, since they are a part of the joint venture known as EnStream LP. With ZoomPass Tag, you effectively tap your cell phone at a point of sale machine and the payment goes through in matter of seconds.

Your mobile phone, with the aid of a special sticker, is transformed into a virtual credit or debit card. This works with the PayPass system that you may have seen at places like Tim Horton’s and Superstore. Since it is based on Mastercard, it is no less secure than using the conventional piece of plastic and it is completely contact-less.

The ZoomPass Tag is currently going through a three-month pilot project and they will evaluate the results at the end of that period. What makes the ZoomPass tag special is the mobile application that you will use to track  purchases, without that it’s just as good as any other key fob.

Mobile payment services are expected to grow to 103.9 million users worldwide in 2011, according to Gartner Research.

ZoomPass Tag on the backside of an iPhone. ZoomPass App on an Android HTC smartphone.

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