MasterCard Introduces Next Generation ‘Display Card’ Technology, a First for Singapore

  MasterCard Introduces Next Generation ‘Display Card’ Technology, a First for
  Singapore

MasterCard in collaboration with Standard Chartered launch interactive payment
 card with built-in display and touch-sensitive buttons for enhanced control
                                 and security

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                 with the hashtags #MasterCard, #DisplayCard

Business Wire

SINGAPORE -- November 07, 2012

MasterCard Worldwide, in collaboration with Standard Chartered Bank Singapore,
has unveiled Singapore’s first interactive payment card, or security token
card, using MasterCard’s Display Card technology, heralding the next
generation of payment cards.

The MasterCard Display Card, manufactured by NagraID Security, looks and
functions almost exactly like a regular credit, debit or ATM card, but
features an embedded LCD display and touch-sensitive buttons which allow a
cardholder to generate a One-Time Password (OTP) as an authentication security
measure.

At present, banking institutions that necessitate a higher level of security
for their online banking services require the use of a separate authentication
token or device. The innovative 2-in-1 device, which combines the
functionality of a standard payment card with a state-of-the-art security
token, currently reflects the customer's OTP. In future, this card could
incorporate additional functionalities and be able to indicate other real time
information such as available credit balance, loyalty or reward points, recent
transactions, and other interactive information.

From January 2013 onwards, all Standard Chartered Online Banking or Breeze
Mobile Banking users will use the Standard Chartered security token card as a
new personal security device for higher-risk transactions such payments or
transfers above a certain amount, adding third party payees, or changing
personal details.

V. Subba, Regional Head of Retail Banking Products, Singapore and Southeast
Asia, Standard Chartered Bank said: “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.”

“As a lead innovator in the banking industry, we believe this is what sets us
apart from competition. Our online banking platform is multi-award winning. We
have been awarded the best consumer internet banking platform for Singapore by
Global Finance for three consecutive years. The new Standard Chartered
multi-function token is another good example of our customer-centric
innovation.”

Matthew Driver, president, South East Asia, MasterCard Worldwide said,
“MasterCard continues to be at the forefront of payment technology. From
launching the first ‘paper’ card in the 1950s, to introducing magnetic stripes
and EMV chips for secure, digitised payments, we are pleased to have been able
to support the launch of Singapore’s first Display Card byStandard Chartered.
With the continued growth in online and now mobile initiated remote payments,
consumers are naturally demanding increased security. The innovative features
of the Display Card serve to address this need, whilst empowering consumers to
do so much more with their payment cards.”

MasterCard Display Cards are being deployed in increasing numbers by
innovative banks all around the world, with Standard Chartered Bank launching
the largest deployment of Display Cards to date. All MasterCard Platinum and
Bonus$aver credit cards as well as MasterCard Super Salary, XtraSaver,
Bonus$aver debit cards issued in Singapore will now be Display cards.

Cyril Lalo, CEO of NagraID Security, said, “We highly commend the initiative
of Standard Chartered Bank as this deployment once again highlights the
increasing popularity of Display Cards. Earlier this year NagraID Security
ramped up production capacity by investing heavily in equipment and human
resources in order to meet the growing demand for Display Cards. The increased
throughput, combined with the experience acquired during the past 2 years from
the close collaboration with MasterCard and Gemalto, enabled the
implementation and deployment of this scale in a record-breaking timeframe.”

NOTE TO EDITORS:

MasterCard Display Cards herald a new era in card payments, extending the
payment card with interactivity. Display Cards feature a small display and one
or more touch sensitive buttons in addition to all the traditional payment
card features. Display Cards can be used as “Authentication Cards” for secure,
portable and cost-effective remote authentication of online banking and
e-commerce transactions by using the card to generate One-Time-Passwords
(OTPs). Or they can be used as “Information Display” Cards enabling
cardholders to access critical information such as account balance anywhere,
anytime – enhancing payment or banking experiences in a number of ways.
MasterCard first launched the Display Card in 2010.

About MasterCard Worldwide

MasterCard (NYSE: MA), www.mastercard.com,  is a global payments and
technology company. It operates the world’s fastest payments processing
network, connecting consumers, financial institutions, merchants, governments
and businesses in more than 210 countries and territories. MasterCard’s
products and solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on Twitter @MasterCardNews, join the
discussion on the Cashless Conversations Blog and subscribe for the latest
news.

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Contact:

MasterCard Worldwide
Georgette Tan, +65 6390 5971
georgette_tan@mastercard.com
or
Weber Shandwick
Alina Morais, +65 6825 8203
amorais@webershandwick.com
 
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