Samsung Card (the largest credit card company in South Korea), MasterCard and the System LSI division of Samsung Semiconductor signed a memorandum for the development of a credit card with biometrics, with an integrated fingerprint reader capable of securely authorizing transactions in terminals installed in stores.
System LSI presents itself as “specialized in the integration of processors, memory, high-speed input and output interfaces and advanced peripherals on a single chip. Our goal is to create SoC (System on a Chip) solutions for the next generation of mobility products and home solutions ”.
The goal of companies is to offer a faster and more secure payment solution. According to them, biometric authentication allows for more secure interactions with physical contact reduced, eliminating the need to enter a password on a keyboard.
It also adds an extra layer of security to available credit cards, verifying the cardholder's identity fingerprint exclusive
The credit card with biometrics will adopt a new chipset produced by System LSI Business that integrates several chips in one. These cards can be used in any terminal with a Mastercard chip or point of sale (POS) terminal.
Interestingly, Mastercard already has in the USA a credit card with biometrics, capable of reading the user's fingerprint. The Mastercard Biometric Payment Card promises more security and convenience, and can be used in payment terminals around the world.
The user only needs to place the thumb on the fingerprint sensor and touch the card to a terminal (or insert it in a reader, in contactless systems) to authorize a transaction without having to enter a password.
It is not clear whether the deal with Samsung is for the development of a new generation of this technology, a more integrated solution or something specific to meet the requirements of South Korea's banking system.
The distribution of the new card in South Korea will be made by Samsung Card, and should occur later this year. The solution will be adopted gradually, starting with corporate credit cards that carry out international transactions more frequently.
Source: Business Wire