|Georgette Tan MasterCard (65) 6390-5971|
World's First MasterCard Display Credit Card Unveiled
Innovative Step Towards Heightened Security and Convenience For Consumers
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 honored 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.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network — the fastest payment processing network in the world — MasterCard processes over 22 billion transactions each year, has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.