Samsung Card will lead the roll out in South Korea, with plans to introduce the biometric card later this year. The adoption of the solution will be a gradual process, starting from corporate credit cards that have more frequent international transactions.
Samsung Electronics’ System LSI Business, Mastercard, Samsung Card, have signed a memorandum of understanding to develop a biometric card that features a built-in fingerprint scanner to authorize transactions securely at in-store payment terminals, according to a press release published by BusinessWire.
Through this strategic collaboration, the companies aim to provide faster and more secure payment experiences. The biometric authentication capability allows safer interactions with reduced physical contact points by eliminating the need to enter a PIN on a keypad. It also adds an extra layer of security to currently available credit cards by verifying the cardholder’s identity via a unique fingerprint.
The biometric cards will adopt a new security chipset from Samsung’s System LSI Business that integrates several key discrete chips, streamlining the overall component design and enabling more efficient development. These cards can be used at any Mastercard chip terminal or point of sale (POS) terminal.