MasterCard Worldwide, in collaboration with Absa, has unveiled Asia/Pacific Middle East and Africa's (APMEA) first interactive payment card that combines a built-in LCD display and a touch-sensitive button for enhanced control and security. The MasterCard PayPass technology enables 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 payment cards or devices.
"As consumers 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 at 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 as an authentication security measure when shopping online at participating 3D secure merchants.
"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.
The Absa MasterCard Titanium card incorporates MasterCard's PayPass Tap & Go functionality, a contactless payment feature offering South Africans the chance to be liberated from the security risks and inconvenience associated with cash payments.
Fast, secure and convenient
It provides consumers with a fast, secure and convenient method to pay for everyday low value payments where speed is essential, such as quick serve restaurants, petrol stations, supermarkets and movie theatres. Cardholders simply tap their MasterCard PayPass-enabled card on a specially equipped terminal, and the transaction is completed.
The card's functionality is further enhanced with its ability to access any of the cardholder's underlying debit, credit or savings accounts, which means that cardholders no longer need to carry multiple cards in their wallets. 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, head of Retail Markets at Absa.
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