Mastercard, Samsung Electronics, & Samsung Card sign MoU to develop biometric cards
By Pavithra R
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.
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October 18, 2021
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