Samsung will develop payment cards with fingerprint scanners with Mastercard
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Samsung and Mastercard have partnered up to develop a fingerprint-authenticated payment card. Yes, we’re talking about an actual, physical card with a built-in fingerprint scanner. This innovation will increase the security of contactless payments and give users another layer of safety – while looking pretty darn cool.
The card will work with every in-store (POS) terminal that supports Mastercard. When buying, the user will use their fingerprint rather than their PIN to secure the payment that they make. Especially in a pandemic this new type of card introduces a safer and more convenient way for users to authenticate their way of payment, because it excludes the need to touch the POS device.
The new security chipset will be delivered by Samsung’s System LSI Business and will not use existing Mastercard hardware.
“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.
In 2017 Mastercard unveiled their plans for a similar card that doesn’t require users to put their PIN in. This new endeavor uses the same concept but the sensors are now going to be produced by Samsung.
Samsung Card is owned by Samsung Life Insurance, which is one of the biggest credit card companies in South Korea. The company will be the one releasing the product in South Korea later this year.
Questions & Answers
Q.What is the primary security benefit of this new payment card technology?
What is the primary security benefit of this new payment card technology?
This innovation increases the security of contactless payments and adds another layer of safety. Users will authenticate payments with their fingerprint instead of a PIN, which also makes transactions more hygienic by avoiding touching the POS device.
Q.Which specific Samsung division is supplying the security hardware for these cards?
Which specific Samsung division is supplying the security hardware for these cards?
The new security chipset for the fingerprint-authenticated payment cards will be delivered by Samsung’s System LSI Business. This hardware will be unique to the new cards and will not utilise existing Mastercard components.
Q.When and where will this new payment card first be released to consumers?
When and where will this new payment card first be released to consumers?
The new product is scheduled to be released in South Korea later this year. Samsung Card, which is owned by Samsung Life Insurance, will be responsible for launching it in that market.
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