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Standard Chartered rolls out new payment card with OTP capability

Jack Loo | Nov. 19, 2012
The new device also helps bank comply with upcoming MAS authentication process.

Standard Chartered's newly launched display payment card for the Singapore market is a two-in-one device with a small LCD display combining EMV payment, One-time Password (OTP) and transaction signing for e-banking.

The card, called Ezio onCard PAD & PAY, is jointly developed by digital security specialist Gemalto and display card manufacturer Nagra ID Security. According to Gemalto and Standard Chartered, the launch is the first largescale rollout of a display card solution in Singapore.

The device is also part of an offering where Gemalto is providing the authentication server, card personalisation, fulfilment and project implementation for Standard Chartered Bank.

"At Standard Chartered, our number one priority is to safeguard our customers' interests. The introduction of Gemalto's Ezio onCard PAD & PAY is a tangible example of how the bank converts technological possibility into market-leading capability," said Trevor Haeger, chief information officer, Standard Chartered Bank.

According to Standard Chartered, the eligible card types include Visa and Mastercard credit cards, debit cards and ATM cards.

The new card is also created to comply with a new authentication process called Transaction Signing that will be introduced by the Monetary Authority of Singapore in January 2013.

Transaction Signing involves an additional authentication capability where transaction-specific information, such as the last four digits of a payee's account number, needs to be entered into the display payment card. The card will then generate a PIN number for validation of the transaction.

Standard Chartered is also looking to include contactless functionalities in the payment display card in the near future.

"Ezio onCard PAD & PAY end-to-end solution captures the key elements for compelling user adoption - increased trust, portability and ease of use," said Tan Teck Lee, chief innovation & technology officer and president of Gemalto Asia.

"Gemalto is in a unique position, thanks to its expertise and experience, to provide an end-to-end offer that includes consultancy, manufacturing, personalisation, fulfilment and servers, to specifically meet Standard Chartered Bank's requirements and ensure a smooth product launch," added Tan. 

 

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