Samsung and Mastercard are joining hands to make card payments more secure. The two companies are collaborating to incorporate a fingerprint sensor into Samsung Cards. They aim to reduce contact points at in-store payment terminals. It is similar to Mastercard’s Biometric Payment Card that was showcased a few years ago. However, these new cards will have a more secure chipset from Samsung’s System LSI business. They can be used at any Mastercard chip or POS terminal.
According to the press release, Samsung said that the biometric cards will “integrate several key discrete chips, streamlining the overall component design and enabling more efficient development.” Mastercard showcased a similar tech in September 2017 it its Mastercard Innovation Forum in India. These cards will adopt a new security chipset from Samsung’s System LSI Business, which integrates several key discrete chips. It streamlines the overall component design and enabling more efficient development.
“Drawing from our strong security solution background in various applications such as passports, credit cards and mobile devices, we will work with Mastercard and Samsung Card to create an environment where consumers can use payment card services with an added peace of mind,” said Harry Cho, vice president of “ at Samsung Electronics.
“As consumers embrace the safety and convenience of contactless payments, Mastercard will leverage its cybersecurity and intelligence expertise and global payments network in this three-way partnership to enhance cardholder security 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.
This Samsung Card will lead the roll out in South Korea, with plans to introduce the biometric card later this year.