MasterCard and Absa Introduce Next Generation Payment Card, a First for APMEA
Absa MasterCard Titanium card – a combination debit and credit card with contactless functionality and a built-in display – heralds a new payments era for APMEA
TWEET: #MasterCard #DisplayCard launched to #SouthAfricans offering superior security and contactless convenience http://bit.ly/YncOkT
Johannesburg – 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; MasterCard® PayPass™ technology to enable quick, contactless payments; and a combination 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.
South Africa’s first touch-sensitive MasterCard Display card
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.
Contactless transacting makes paying faster and easier
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.
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.
“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 the PayPass logo,” says Panaino.
Combination credit and debit functionality for convenient transacting
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, 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.
NOTE TO EDITORS:
MasterCard(NYSE: MA), www.mastercard.com,is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About MasterCard Display Cards
MasterCard Display Cards, first launched in 2010, herald a new era in card payments, extending the payment card with interactivity. Display Cards feature a small display and one or more touch sensitive buttons in addition to all the traditional payment card features. Display Cards can be used as “Authentication Cards” for secure, portable and cost-effective remote authentication of online banking and e-commerce transactions by using the card to generate One-Time-Passwords (OTPs). They can also be used as “Information Display” Cards enabling cardholders to access critical information such as account balance anywhere, anytime – enhancing payment or banking experiences in a number of ways
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