Samsung and Mastercard are developing a biometric card2021-03-05 15:49 by Daniela
Tags: Samsung, Mastercard
Samsung is collaborating with Mastercard on a biometric scanning payment card with a built-in fingerprint reader, Samsung has announced. The technology appears to be similar to Mastercard's biometric payment cards unveiled in 2017 that let you authenticate purchases with without ever touching a keypad. However, Samsung said the cards "will adopt a new security chipset from Samsung's System LSI Business that integrates several key discrete chips," rather than using Mastercard's current tech.
Unlike the Apple Card which is mostly designed for smartphone use, users for the Samsung Mastercard will not be required to enter a code into the POS device. Though the card uses Mastercard on the POS side of operations, it is expected to be financially backed by Samsung Card, owned by Samsung Life Insurance.
By allowing users to scan their fingerprint directly on their own card rather than an external point-of-sale (POS) device, the card is meant to reduce physical contact points. However, this does not mean that the original Mastercard chip cannot be used on the POS terminal. The card will still be compatible with Mastercard's original authentication technology. The inclusion of a fingerprint scanner also means the card will be completely useless if stolen.
The pilot biometric card will be rolled out in South Korea later this year, with the adoption of the solution to be a gradual process, Samsung said. The rollout will first start with corporate credit cards that have more frequent international transactions.
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