Samsung Electronics, Samsung Cards, and Mastercard have signed a memorandum of understanding to develop a biometric card.
The card will feature a built-in fingerprint scanner to authorise transactions securely at in-store payment terminals.
The partners say they aim to provide faster and more secure payment experiences.
The biometric authentication capability will allow safer interactions with reduced physical contact points. It will do this eliminating the need to enter a PIN on a keypad.
It will also add an extra layer of security to currently available credit cards. Namely the verification of the cardholder’s identity via a unique fingerprint.
Using a proven system
The biometric cards will adopt a new security chipset from Samsung’s System LSI Business. It will integrate several key discrete chips, streamlining the overall component design and enabling more efficient development.
The cards will be able to be used at any Mastercard chip terminal or point of sale (POS) terminal.
Samsung Card will lead the roll out in South Korea. The Korean company has plans to introduce the biometric card later this year.
The adoption of the solution will be a gradual process, Samsung said. It will start from corporate credit cards that have more frequent international transactions.
Samsung has a “strong security solution background in various applications”
Harry Cho, vice president at Samsung Electronics, said:
“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.”