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Samsung Electronics, Mastercard, and Samsung Card join hands to launch a Fingerprint Biometric Payment Card

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Mastercard, Samsung Electronics & Card sign MoU biometric cardsOn March 04, 2021, in Korea, Mastercard, Samsung Electronics’ 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 Business’ 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