It’s an interesting time for retail stores now as they try to limit contacts for purchases while the pandemic is still quite active. But even when things improve, contactless payment is likely to remain something consumers and businesses will pursue. Samsung has announced a partnership with Mastercard as they sign a memorandum of understanding to be able to develop a biometric card with an integrated fingerprint scanner to have more secure transactions on in-store payment terminals.
With a biometric payment card, you can eliminate the need to enter a PIN code on a keypad on a payment terminal and also add another extra layer of security as a unique fingerprint will prove the identity of the card holder. Mastercard actually introduced the biometric payment card a few years ago in an innovation forum in India. But this time around, it will have a new security chipset from Samsung’s System LSI Business where they have embedded “key discrete chips” for improved efficiency.
This is a three-way partnership between Samsung Electronics (System LSI Business in particular), Mastercard and Samsung Card. Samsung Electronics has of course a strong background in security solutions, while Mastercard will leverage its “cybersecurity and intelligence expertise” as well as its global payment network. Samsung Card is committed to providing “innovative and convenient solutions to consumers”.
This new biometric payment card will be available for the first time in South Korea and Samsung Card plans to roll it out later this year, without the exact time having yet been announced. But it will not be a one-time deployment as it has to be a gradual process. They will start with corporate credit cards used in international transactions and then gradually add other types of cards.
As this is still a memorandum of understanding at the moment, we won’t get many details on how it will work just yet. We’ll probably have an update in a few months, right before they launch.