It’s an interesting time for retail stores now as they try to limit contact for purchases while the pandemic is still pretty much active. But even when things get better, contactless payment will probably still be something that both consumers and companies will pursue. Samsung has announced a partnership with Mastercard as they’re signing a memorandum of understanding to be able to develop a biometric card with a built-in fingerprint scanner to have more secure transactions at in-store payment terminals.
With a biometric payment card, you can eliminate the need to enter a PIN on a keyboard on a payment terminal and also adds another extra layer of security as a unique fingerprint will prove the cardholder’s identity. Mastercard actually showcased 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 integrated “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 of course has a strong security solution background while Mastercard will leverage its “cybersecurity and intelligence expertise” as well as its global payments network. Samsung Card is committed to delivering “innovative and convenient solutions to consumers.”
This new biometric payment card will first be available in South Korea and Samsung Card plans to roll it out later this year, with no specific time announced just yet. But it will not be a one-time rollout as it has to be a gradual process. They will begin with corporate credit cards that are used in international transactions and then gradually add other kinds of cards eventually.
Since this is still a memorandum of understanding for now, we won’t get much details yet about how it will work. We’ll probably get an update a few months from now just before they launch.