Technology has come a long way. From big clunky computers all the way to new generation laptops that are slim, powerful and functional. However that’s not only the part that receives all the spotlight. There are many other areas that have benefited from technology. As it becomes smaller and more functional than its original design.
MasterCard released its biometric payment cards back in 2017. That concept was a great idea since it would make payment a lot more seamless. The term biometric may seem very familiar because we use it on a daily basis.
Since it can be found in our smartphones, such as the fingerprint reader and much more. Certain iPhones come with fingerprint and face ID features. And Samsung Pay, a mobile payment technology, uses an iris scanner.
Innovation at the right time
Since we are in the middle of a health crisis with a contagious virus. There’s even more reason that physical contact is reduced. MasterCard did that with the biometric payment card. Samsung is now working with MasterCard to add a fingerprint scanner to the card. Which would be used as an extra security feature to the existing payment methods.
Since the technology that Samsung presented is quite similar to the MasterCard’s 2017 biometric payment cards. Samsung said in a statement that it “will adopt a new security chipset from Samsung’s System LSI Business that integrates several key discrete chips”.
The biometric verification would essentially reduce contact points. The presence of the fingerprint scanner would be able verify the cardholder identity. Reducing the need to enter a PIN on a keypad.
“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 Samsung’s Senior Vice President Karthik Ramanathan.
The cards are expected to be released in South Korea later this year. However there’s no news of its availability in other regions as of now.