Is This the Credit Card of the Future?

Is This The Credit Card of the Future?Could the next credit card you receive from your bank contain a keyboard and LCD display? It may if you are using a MasterCard for either credit card or debit card purchases in the very near future. The newest type of credit card and debit card could contain an authentication token, which could ease the risk of high end transactions. In addition, the authorization process uses a keyboard with LCD screen and has the unusual name of Display Card for directing the transaction with a one-time password.

Why does this separate MasterCard from the pack? One reason is that other banking institutions currently require that a user carry a separate token. This token is used to provide a higher level of security for specialized transactions. By incorporating a token inside the credit card with its own keyboard to activate a password, MasterCard believes it will be able to provide a higher level of security.

Currently MasterCard is testing the new Display Card in Singapore. Users will be able to use the new credit card or debit card with multiple banking accounts that have chosen to have the system in place. In addition to making charges to the credit or debit card, the LCD display on the Display Card will also be able to show you your account balance and credit limitations as well as recently posted transactions. MasterCard also states that it will also be able to offer its customers reward points and special promotions via the new system.

When I first read about MasterCard being able to offer promotions to its customers, my first thoughts were that this could become a new source of advertising for the banking system. Your credit card with an LCD display could potentially be used to send you advertisements from the bank, other advertisers, or even advertisements to purchase products. We may find ourselves receiving notifications on our credit cards for the next latest and greatest Groupon offering, Netflix rental, or anything else one could imagine.

I believe we all understand the need for added security for both our credit card and debit card accounts. For this I applaud MasterCard for its latest innovation. I just hope that this does not turn out to be just another ploy to bombard us all with more advertising.

What do you think? Would you be willing to to use a high-tech credit card or debit card if it involved you being subjected to advertising?

Comments are welcome.

Source: MasterCard press release

Article Written by

I have been writing for LockerGnome since relocating to Missouri seven years ago, where I continue to be a technology enthusiast who enjoys playing with the newest and latest gadgets.

  • http://www.facebook.com/1vecera Daniel Večeřa

    I want to get a chip inside my thumb! Safest, smartest and It could be as expensive as these lcd screens. Or an app on my mobile :)

  • Don Naphen

    I can see the government getting into the act with this latest innovation Ron. I’ll bet it has the capability to track the user and also his/her spending habits. Amazing but scary at the same time. I’ll stick to the tried and true card with a mag strip on the back, thanks anyway!

  • Michael Birks

    I’ve used similar external tokens for other banking processes – Rabobank comes to mind – and there’s no wireless communication going on. The token – by extension, the chip on the credit card – generates a digit string completely internally in association with the passcode. This digit string is then entered into the site, or POS terminal, which then checksums it somehow before returning a go/no go response.

    What I mean, is that with no external communication, this isn’t going to be an advertising channel, nor is it going to be able to track location or spending habits any better than existing systems.