While credit card issuers in the U.S. are busy introducing EMV technology to Americans, MasterCard has been working on the next generation of credit cards, and it's like nothing else you've seen.

MasterCard Worldwide has collaborated with Standard Chartered Bank Singapore to create a new interactive payment card that features MasterCard's Display Card technology. Although MasterCard first introduced this technology in 2010, this card is the first of its kind in the Singapore market.

The MasterCard Display Card is manufactured by NagraID Security, and it looks like a regular EMV chip-based credit or debit card, but it has one very different feature: an embedded LCD display and touch-sensitive buttons with digits 0-1, clear, OK and an on/off button. The cardholder uses this keypad to generate a One-Time Password (OTP) as a method of authentication.

Many banks require multiple levels of authentication, or ways to prove you are who you say you are. If you have an online bank account, the login process may require you going through several screens to input your username and password. You may choose images that you'll always see during your login, or you may need a special token that generates a password that you can input during the login process. The password is known as a One-Time Password because you can only use it once. The next time you log in to your account, you must use a different password generated by the token.

This credit card combines the functions of a payment card, including magnetic stripe and EMV chips, with that of a security token and can be used for authenticating a user remotely or in e-commerce transactions. The LCD screen displays the customer's OTP. MasterCard believes this card could eventually incorporate other functions, such as indicating real-time available credit balance, loyalty or reward points and recent transactions.

Beginning in January, all customers of Standard Chartered Bank's Online Banking or Breeze Mobile Banking will have to use this card as a "new personal security device for higher-risk transactions such as payments or transfers above a certain amount, adding third party payees, or changing personal details," according to a MasterCard press release.

"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," said V. Subba, regional head of retail banking products, Singapore and Southeast Asia, Standard Chartered Bank.

Standard Chartered Bank also has a reputation for innovation and for being customer-centric, having won the best consumer Internet banking platform for Singapore by Global Finance three years running. MasterCard says more innovative banks around the world are using the MasterCard Display Card.

Chartered Bank's agreement to use this technology is the largest order of this card to date. This partnership means that all MasterCard Platinum and Bonus$aver credit cards and MasterCard Super Salary, XtraSaver and Bonus$aver debit cards issued in Singapore will now be the Display Card with OTP capability.

"MasterCard continues to be at the forefront of payment technology. From launching the first 'paper' card in the 1950s, to introducing magnetic stripes and EMV chips for secure, digitized payments, we are pleased to have been able to support the launch of Singapore's first Display Card by Standard Chartered. With the continued growth in online and now mobile initiated remote payments, consumers are naturally demanding increased security. The innovative features of the Display Card serve to address this need, whilst empowering consumers to do so much more with their payment cards," said Matthew Driver, president, South East Asia, MasterCard Worldwide.