Earlier this week, MasterCard introduced a new card that combines modern technology with a traditional plastic payment card. The MasterCard Display Card represents a step forward for the security of online shopping and transactions by generating a one-time password for each use. The password is shown on the card’s built-in LCD display. It also contains a touch sensitive keypad.
The purpose of this card is increase the security of cardholders online. Instead of entering their real credit, debit or ATM card number, the Display Card will create a randomized card number that can only be used once. In the event someone obtains that number illegally, they won’t be able to perform any transactions because the number would have already been used. There have been similar services offered in the past, but none have been built into a physical card.
So far, Standard Chartered Online Banking and Breeze Mobile Banking customers are confirmed to be getting the MasterCard Display card in January 2013.