On March 04, 2021, in Korea, Mastercard, Samsung ElectronicsтАЩ System LSI Business, and Samsung Card signed a Memorandum of Understanding (MoU) to develop a biometric card with a built-in fingerprint scanner sensor to provide faster and secure payments transactions which will reduce physical contact by avoiding the entering of PIN on Keypad.
- The card will be developed by Samsung’s System LSI BusinessтАЩ security chipset
- Working with Mastercard and Samsung Card to create an environment for using the payment card.
- Mastercard will also provide its cybersecurity through its global payment network
Objective:
The biometric card with a fingerprint sensor is launched to eliminate the physical contact of users at the payment terminal.
Key Points:
i.Payment: Users can pay through this biometric card at any Mastercard chip-enabled terminal or Point of sale(POS) terminal.
ii.Availability: Initially this card will be available in South Korea especially for corporate clients as corporate credit cards as they will be having more international transactions.
iii.Identification: The card will use fingerprint recognition to verify the identities of cardholders.
Recent Related news:
Mastercard and Razorpay have joined hands to empower Indian micro, small and medium enterprises (MSMEs) and startups especially in tier 2 and 3 cities in digitizing their operations, maintaining business continuity for a cashless future.
About Samsung Electronics:
Establishment -13 January 1969
Headquarters – Suwon, South Korea
About Mastercard:
Establishment-1979
Headquarters – New York, U.S.
President and CEO – Michael Miebach
