In Korean market, online Banking security is one of key services provided by banks. Banks used to provide OTP token and smart OTP card for users’ online transaction. Now they changed the token and smart OTP card into OTP display cards.

Background

Most online transaction above 8000 dollars in Korea requires additional security authentication like OTP. The transaction limit for online transaction is around 100 million to 500 million won/day. (about 85k to 425k USD.)

In the past few years, banks are providing OTP tokens and smart OTP cards to the users. The token are sold to the clients with the price around 5000 won (around 4 USD).

However, Korean users feels like the OTP token is hard to carry with since the thickness and the size of it is not fit well for normal wallet, and the smart OTP cards are not easy to use with.

The users in Korea are eager to find a replacement that is easy to carry and use.

Solution

With the experience on OTP Display Cards - the card form factor OTP authenticator, FEITIAN provides the OTP Display Cards to the Korean banks.

The OTP Display Cards have the same function as OTP token with thinner size to carry with wallet or bags.

Unlike smart OTP cards, the OTP Display Cards can generate and display OTP by its own without using NFC and any applet on the smart phone, this makes it easy to use.

Result

Many Korean banks including Busan Bank, Shinhan Bank, NH Bank etc are using OTP display cards now. Banks and end-users are also satisfied with the cards especially the mini cards, because the cards are tiny and easy to use with a reasonable price.