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Use an OSL Bitmap lookup, wire the RGB to the base color and the A ( Alpha ) to the Cutout slot on the physical material.
That is not transparency.
You need to composit the text bitmap and the other texture, using something like "Soft Light" blending mode.
So you take your 2 bitmaps and stack them in an OSL Composit node.
If you set the viewport to HQ mode and the same for the material, it will also show in the viewport.
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