Samsung will develop payment cards with fingerprint scanners with Mastercard
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.