Launching payment card
Standard Chartered Bank’s Singapore unit have developed a payment card with an embedded security token which can, if customers want, replace credit/debit/ATM cards; from January customers can use it for various services including logging into online and mobile banking and increasing payment limits, reports Finextra. The card will have a keypad that can be used to generate a security code used to verify identity.
According to V Subba, regional head, retail banking products, Singapore and Southeast Asia, Standard Chartered: “In Singapore, many customers bank with multiple banks. We brainstormed on ways to make it convenient and yet secure for customers. The question was: instead of sending customers another bulky token, could we replace something which already exists in the customer’s wallet? That was when credit, debit and ATM cards, immediately came to mind.”
Earlier this year, the Association of Banks in Singapore said it had plans to issue online tokens with enhanced features such as transaction signing to increase security.
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