back Back

Mastercard, Samsung Electronics, & Samsung Card sign MoU to develop biometric cards

By Pavithra R

March 09, 2021

  • America
  • Mastercard
Share

 Mastercard, Samsung Electronics, & Samsung Card sign MoU to develop biometric cards Mastercard, Samsung Electronics’ System LSI Business, and Samsung Card has announced signing a memorandum of understanding (MoU) to develop a biometric card that features a built-in fingerprint scanner to authorize transactions securely at in-store payment terminals.

Under the partnership, the companies aim to provide faster and secure payment experiences. The biometric authentication capability allows safer interactions and reduces physical contact points by eliminating the need to enter a PIN on a keypad. It also offers an additional layer of security to currently available credit cards by verifying the cardholder’s identity via a unique fingerprint.

“Drawing from our strong security solution background in various applications such as passports, credit cards and mobile devices, we will work with Mastercard and Samsung Card to create an environment where consumers can use payment card services with an added peace of mind,” said Harry Cho, vice president at Samsung Electronics.

The biometric cards are built on a new security chipset from Samsung’s System LSI Business that integrates several key discrete chips, streamlining the overall component design and enabling efficient development. The cards can be used at any Mastercard chip terminal or point of sale (POS) terminal.

“As consumers embrace the safety and convenience of contactless payments, Mastercard will leverage its cybersecurity and intelligence expertise and global payments network in this three-way partnership to enhance cardholder security with a biometric solution supporting fast, frictionless payment experiences that are protected at every point,” said Karthik Ramanathan, Senior Vice President, Cyber & Intelligence Solutions, Asia Pacific, Mastercard.

The biometric card will be initially rolled out in South Korea, with plans to expand later this year. The adoption of the solution is expected to be a gradual process, starting from corporate credit cards that have more frequent international transactions.

“This biometric card is an example of Samsung Card’s efforts to deliver innovative and convenient solutions to consumers,” said Hanjoo Yoon, Vice President, Planning & Communication, Samsung Card.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

March 09, 2021

SE Asia’s first insured Bitcoin Fund launched amid growing global interests

Read More
Next Article

March 09, 2021

BitcoinBlack receives investment from FD7 Ventures

Read More

IBSi Prime News

Week roundup

October 18, 2021

America

The Monday Roundup: what we are watching this week

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Commercial Bank of Dubai and Infinios announce strategic partnership

Read More

October 18, 2021

3 core-banking softwares revolutionizing the banking industry in USA

Read More

October 18, 2021

Zip acquires Spotii to drive BNPL growth in the Middle East

Read More

Related Reports

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More
Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More
Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More
Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More
Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More