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| Samsung and MasterCard are developing fingerprint payment cards |
Samsung and MasterCard jointly tested a biometric card that uses a built-in fingerprint sensor for in-store transactions.
The two parties confirmed this partnership through a Memorandum of Understanding. Both companies will use System LSI's new security chipset to develop panels. Samsung claims the chipset contains important standalone components to improve efficiency.
Harry Chu, Vice President, Samsung Electronics said: With our years of experience providing security solutions for many applications such as passports, credit cards and mobile devices, we partner with MasterCard and Samsung Card to create an environment in which consumers can be present. Use payment card services for added security.
The card can be used at any MasterCard store payment terminal and does not require a PIN code or authorization to sign for transactions.
Samsung said: The experimental biometric card will be launched in South Korea later this year and gradually approved, starting with a credit card from a company that often does international transactions for product delivery.
MasterCard introduced a credit card with a fingerprint sensor in 2017 that allows you to authenticate your purchases without touching the keyboard.
At the time, the payment service provider ran a test in South Africa and announced that it would offer the service worldwide by the end of the year.
In its second year, Gemalto, the manufacturer of credit and SIM cards, followed in MasterCard's footsteps and introduced contactless credit cards with fingerprint readers to Bank of Cyprus customers.
Since then, MasterCard has partnered with identity solutions company Idemia and fintech company MatchMove to test biometric cards and enable in-store payments in Asia.
The experimental Idemia MasterCard (called F. Code Easy) is equipped with a sensor that allows customers to use fingerprints to make payments, and the fingerprint sensor is powered by the payment terminal.
The goal of both companies is to increase security while minimizing physical contact points as your fingerprint is scanned directly from your card rather than a POS machine.
However, the card is compatible with MasterCard's authentication technology as it can be used on any MasterCard chip or POS device.
Although the card uses MasterCard as a clearing and selling point, it is funded by the credit card company Samsung Card, which is owned by the Korean insurer Samsung Life Insurance.