Standard Chartered Bank’s (StanChart) Singapore unit has launched a payment card featuring an embedded security token for online transactions.

According to StanChart, it is the first bank in the region to launch a security token embedded card, aiming to give online and mobile banking customers the option of replacing their existing credit, debit or ATM cards with the security-token one.

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The token feature can, reportedly, be used January 2013 onwards for logging in to online and mobile banking, adding third party payees, transferring or making payments in amounts above a defined threshold, increasing daily transfer or payment limits, updating personal details, and changing online banking passwords.

Regional head for retail banking products, Singapore and Southeast Asia, Standard Chartered, V Subba, said:

"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."

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The Association of Banks in Singapore (ABS) had outlined plans to start issuing online tokens with enhanced features such as ‘transaction signing’ as part of an industry-wide security push, earlier in 2012.

The new StanChart card contains a 12-digit key pad where customers can enter transaction specific information – such as the last four digits of an account number – to generate a security code which appears in a display. The security code is then entered online to verify the user.