Samsung Electronics and Mastercard have partnered to develop a biometric card that uses a built-in fingerprint sensor to authorize in-store transactions.
The partnership, confirmed through a memorandum of understanding, will see the companies develop a card using Samsung's System LSI Business' new security chipset, according to Samsung’s press release issued last Thursday.
“Through this strategic collaboration, the companies aim to provide faster and more secure payment experiences,” Samsung said in the statement, adding that the biometric authentication capability eliminates the need to enter a PIN code, increases security and reduces physical contact with payment terminals.
These new biometric cards can be used at any Mastercard payment terminal.
Samsung will be introducing the card later this year but will initially only offer it in South Korea through its Samsung Card subsidiary. The rollout will first start with corporate credit cards that have more frequent international transactions.