The high-tech card, which will be launched in Singapore in January before being offered globally, features the ability to create a "one-time password," eliminating the need for a separate device required by some banks to log into online banking, the BBC reported.
Many of the world's banks require customers to log in to online banking by using a small security device, usually a token or keychain device.
While significantly more secure than common static username and password login systems, many people have balked at carrying yet another device on their person to use online banking, an issue MasterCard said its card was developed to address.
"We brainstormed on ways to make it convenient and yet secure for customers," said V. Subba from Standard Chartered Bank, which is collaborating with MasterCard.
"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."
Future versions of the card could display added information such as account balances, MasterCard said.