Mastercard Incorporated (NYSE: MA) has teamed up with Samsung Electronics, and Samsung Card to create a biometric card. Mastercard and Samsung have initialed MoU. As per the MoU, both the firms will join forces to develop a biometric card that includes a fingerprint scanner to allow transactions safely at in-store payment stations.
Samsung Electronics, Samsung Card, and Mastercard collaborated to offer a speedy and more safe payment experience to the clients. The biometric verification feature enables more secure connections. This strategic collaboration will also lessen the physical contact points by removing the need to type in a PIN on a keypad. Additionally, it also provides an extra layer of protection to presently available credit cards by checking the cardholder’s identities via a unique fingerprint.
Samsung Card will take the lead to launch these biometric cards in South Korea. The firm is planning to launch the cards later this year. The implementation of the solution will be a step-by-step process. It will commence from business credit cards that have more regular international transactions. Shares of Mastercard Incorporated dropped 0.71% at $365.25 during the trading session of Wednesday.
The biometric cards will also leverage a new security chipset from the System LSI Business of Samsung’s that combines multiple key distinct chips. It will simplify the entire element design and allow more effective expansion. These cards can be used at any MA chip terminal or point of sale (POS) terminal.