MasterCard Worldwide in partnership with Absa Bank has unveiled the first interactive payment card that combines a built-in LCD display and a touch -sensitive button for the Asia/Pacific Middle East and Africa (APMEA) region.
In a statement released today the groups said the card was designed for enhanced control and security and to enable quick, contactless payments; and a combination of debit and credit card facility.
Launched as part of Absa’s Potentiate offering for emerging affluent professionals, the Absa MasterCard Titanium card combines MasterCard’s leading technologies into one card, with consumers now able to perform various transactions without having to carry multiple payments cards or devices.
“As consumers become increasingly tech savvy and desire quicker, safer, and more convenient payment solutions, MasterCard has harnessed the power of our existing cutting edge technologies to create an all-in-one payment card that makes payments easier for South Africans,” says Philip Panaino, division president for South Africa, MasterCard Worldwide.
The MasterCard Display card technology ensures the card looks and functions almost exactly like a regular credit or debit card, but it features an embedded LCD display and a touch-sensitive button. This allows a cardholder to generate a One-Time Password (OTP) as an authentication security measure when shopping online at participating 3D Secure merchants.
“According to the latest MasterCard Worldwide Online Shopping Survey 2011, online shopping has increased by 5% year-on-year, with 58% of active internet users saying they shop online.
“With the continued growth in online payments, consumers are naturally demanding increased security. The innovative features of this card address this need, while empowering consumers to do so much more with their payment cards,” says Panaino.
“This is the first bank card in APMEA to feature MasterCard’s PayPass technology on a Display Card, and it can be accepted at any merchant globally who displays thePayPass logo,” says Panaino.
The card combines credit and debit functionality.
When they want to make a purchase, they simply insert their Absa MasterCard Titanium card into a conventional payment terminal and use the keypad to select to pay using funds from their debit, credit or savings account. They then enter their PIN, and the transaction is complete.
“The Absa MasterCard Titanium card breathes advancement into our customer solutions and is designed to appeal to the new generation of banking clients who place a high priority on time, money and digital lifestyle,” says Arrie Rautenbach, Absa Head of Retail Markets.
“MasterCard continues to be at the forefront of payment technology. The launch of the card marks a significant step in creating a world beyond cash, while making payments faster, easier and more secure for consumers,” says Panaino.