Korea Exchange Bank is gearing to roll out a chip guard display card that will enable the card user to take control of the IC chip embedded in her credit card or debit card.
The chip guard display, or CGD, card has a keypad, an e-paper display panel, and a battery in it and can be activated as the user enters a password, koreabizwire.com has reported.
Using the keypad and the display, the cardholder can check her point balance and remaining credit balance in real time.
Featuring one-time password (OTP) security solution, the CGD card provides a better means of credit card and Internet banking transactions.
A Korea Exchange Bank official responsible for credit card business was quoted told koreabizwire.com that, "The IC chip protection feature of the CGD card makes an unauthorized use of the card impossible."
"With the OTP feature in the card, the user can feel much more secure when doing banking through the Internet," the official told the publication.
The bank has inked a partnership agreement with MasterCard and Smart Creative to develop security service technology and will launch new cards equipped with the CGD technology.