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FINANCE

World's first MasterCard display credit card unveiled

Tuesday 19 October 2010, 7:27AM
By MasterCard
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MasterCard Worldwide, in conjunction with Bank SinoPac in Taiwan, unveiled the world's first MasterCard display credit card, the MasterCard “SinoPac Display Card”.

With the rise in e-commerce transactions and increased demand for payment security, the innovative features of the new display card can meet the needs of consumers in Taiwan. MasterCard “SinoPac Display Card” cardholders can take advantage of a wide range of mobile financial services such as online transactions using 3D authentication security and non-predesignated account transfers.

Swiss-based security specialist NagraID Security was selected as the technology provider for the program.

How it works

The display card is the first interactive payment card on the market. The one-time password (OTP) security technology with two-factor authentication is the state of the art in security maintenance.

A cardholder can lightly tap a button on the credit card, and a six-digit screen in the top right corner will display the one-time dynamic password. The embedded technology also provides better security and convenience for the cardholder and eliminates the need to wait for a text message while doing a non-predesignated account transfer.

Desmond Jiang, President & Chief Executive of Channel Marketing, Bank SinoPac said, “Bank SinoPac is honoured to be the first bank in the world to adopt this innovative technology with a display card in the credit card sector. We believe that this initiative will lead consumers in Taiwan towards more advanced and user-friendly payment solutions including mobile. Bank SinoPac will continue to strengthen its capabilities by developing more products that integrate technology with financial management, providing consumers in Taiwan newer, better and safer payment methods.”

Yunsok Chang, group executive, Global Products and Solutions, Asia/Pacific, Middle East, and Africa, MasterCard Worldwide said, “With consumers looking to shop online and transact using their mobile phones, our role is to foster a safe and convenient environment for cashless payments. The new display card is a milestone for MasterCard as we innovate and work towards marrying technology and functionality in payments. The MasterCard “SinoPac Display Card” in Taiwan is the first such program in the world on a credit card for MasterCard, and an extension of our success in Europe in June when we launched the first display card for Maestro. We thank Bank SinoPac and NagraID Security for making this innovation possible.”

In June this year, Turkish bank TEB, a subsidiary of BNP Paribas, was the first issuer to bring the display card to consumers with a Maestro® eCommerce authentication program. It was the first display card for MasterCard debit cards.