Samsung and Mastercard have teamed up to develop a fingerprint authenticated payment card. Yes, we are talking about an actual physical card with a built-in fingerprint reader. This innovation will increase the security of contactless payments and give users another layer of security – all while looking pretty cool. The card will work with all in-store terminals (POS) that support Mastercard. During the purchase, the user will use his fingerprint rather than his PIN code to secure the payment he makes. Especially in the event of a pandemic, this new type of card introduces a safer and more convenient way for users to authenticate their payment method, as it excludes the need to touch the point-of-sale device.
The new security chipset will be supplied by Samsung’s System LSI Business and will not use existing Mastercard hardware.
“As consumers embrace the security and convenience of contactless payments, Mastercard will leverage its cybersecurity and intelligence expertise and global payments network through this three-way partnership to enhance cardholder security. card 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 plans for a similar card that doesn’t require users to enter their PIN. This new company uses the same concept, but the sensors will now be produced by Samsung.
Samsung Card is owned by Samsung Life Insurance, which is one of the largest credit card companies in South Korea. The company will be the one to launch the product in South Korea later this year.