Samsung and Mastercard are joining hands to make more secure card payments. Both the companies are combinedly working to incorporate a fingerprint sensor to Samsung Cards. This is in aim to reduce contact points at an in-store payment terminal. A similar biometric payment card was showcased by Mastercard a few years ago, but never made it to the consumers. Now these companies are trying to include a more secure Samsung chipset into these cards. The cards are designed in such a way that it can be used in any Mastercard chip or POS terminals.
According to the press release, Samsung said that these new cards will “integrate several key discrete chips, streamlining the overall component design and enabling more efficient development.” In September 2017, Mastercard showcased a similar technology in the Mastercard Innovation Forum in India. These new 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.
The Vice president of Samsung, Harry Cho said that Samsung has a strong security background in passports, credit cards and mobile devices. And now with Mastercard coming into the scene, the consumers can make the payments with an extra added peace of mind. “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.
The new Samsung Card will start it’s rollout in South Korea and we can expect it to go globally soon. With these time of ‘contactless everything’ there will be no doubt that a card with this level of security will be a massive hit. But Samsung should make sure that they focus on average consumers rather than focusing on luxury consumers that uses their flagship mobile devices.