MasterCard has unveiled the next gen credit /debit/ ATM card that comes with on card touch input panels to enter numbers and a basic LCD display. Called the ‘Display Card’, it has already been adapted by a few banks in Europe. Display Cards will be used at present to display One Time Passwords (OTP), eliminating the need for a cell phone or a separate authentication device. MasterCard says that soon Display Cards will be capable of displaying more than just OTP and will also be used to display account balance, spending limits and more. The technology implementation in Display Cards has been done by Swiss based security firm NagraID Security.
Turkish bank TEB, a subsidiary of BNP Paribas is the first bank in Europe and also the first in the world to adopt the new card and is issuing it to specific account holders. TEB’s Display Cards as of now only display OTPs but other features will be added soon. Also, UK’s Newcastle Building Society has confirmed that it will be the first to make use of the ‘balance information’ feature, which will be introduced in a year’s time.
“The card truly encapsulates our belief that simple to use technology is the key to unlocking the door to simpler cash-free payments”, says Jorn Lambert, Group Head, Core Products, MasterCard Europe. “Consumers are telling us that ease of use, control and security are required to replace costly cash. This card can deliver the levels of both information and security they seek.”
Bulent Ersoz, Card Payment System Director for TEB said, “We are proud to be the first bank to bring this new card to consumers here in Europe. This pilot kicks off with an initial offering to test authentication functionality but we are already looking towards further phases when we will test the additional functionality of the card in other card programmes. As we strengthen our eCommerce capabilities, we already have an eye to the future, where the card is the portal to so much more for our customers.”