The partnership, confirmed through a Memorandum of Understanding, sees companies developing a card using the new security chipset from System LSI, which Samsung claims integrates separate master chipsets to improve efficiency.
Harry Cho, Vice President of Samsung Electronics, said: Drawing on our strong background for security solutions in many applications, such as: passports, credit cards and mobile devices, we work with MasterCard and Samsung Card to create an environment in which consumers can use payment card services with more peace of mind.
The card can be used at any payment terminal inside the Mastercard Store, and will not PIN or signature permits are required when conducting transactions.
Samsung said the experimental biometric card will be launched later this year In South Korea, with the solution adopted as a gradual process, the offering begins first with credit cards of companies with more frequent international transactions.
Mastercard launched a credit card with a fingerprint sensor in 2017 that allows you to authenticate purchases without touching the keyboard.
Trials were initially underway in South Africa at the time, with the payment giant announcing that it planned to roll it out globally by the end of that year.
Credit card and SIM card manufacturer Gemalto followed in MasterCard’s footsteps the following year, launching a contactless credit card with fingerprint reader for Bank of Cyprus customers.
Mastercard has since teamed up with identity solutions company Idemia and fintech company MatchMove to pilot a biometric fingerprint card to allow in-store payment transactions in Asia.
The MasterCard Idemia experimental card, called F. Code Easy, is equipped with a sensor to allow customers to pay using fingerprints, with the fingerprint sensor powered by payment terminals.
The two companies aim to increase security while reducing physical contact points, as your fingerprint is scanned directly from your card and not from the POS device.
However, the card is compatible with Mastercard’s authentication technology, as it can be used on any Mastercard chip or POS device.
While the card uses MasterCard for the clearing and point of sale side, it is financially backed by the credit card company Samsung Card, which is owned by Samsung Life Insurance, an insurance company in South Korea.