MasterCard has partnered with Samsung to upgrade its biometric technology — a built-in fingerprint reader on the MasterCard payment card. Samsung also announced they would utilize its extended chip manufacturer’s resources to increase MasterCard’s security.
MasterCard’s biometric technology already exists whereas it introduced the fingerprint scanner to feature on its payment card in 2017. This card allows you to make transactions without physically touching keypads on any payment machine.
“MasterCard payment card will adopt a new security chipset from Samsung’s System LSI Business that integrates several key discrete chips,” that is way equipped with modern technology in contrast to Mastercard’s current obsolete biometric technology, according to Samsung.
The collaboration between both tech companies aims to uplift their status quo centred on high-security standards. MasterCard, the fintech giant noted that their new mode of service is highly secured with fewer “physical contact points.”
For more details on MasterCard’s biometric payment card tweaked by Samsung — the fingerprint scanner is placed on the card and to issue payment with the card, you place your finger on the fingerprint spot on the card rather than touch external machines such as point-of-sale devices (POS), to approve payment transactions.
Nonetheless, aside from Samsung’s reputable chips compatibility, the biometric-enabled payment card is still powered by “MasterCard’s authentication technology” that enables the card to access its domestic chip as-well-as its POS terminal to process further functions.
The lucrative partnership with both tech companies will be compared judiciously with other card features designed by a different tech company. Take, for instance, the Apple card that is more functional with its smartphone devices. The iPhone maker does not issue titanium cards with user names imprinted on the card like a laser.
However, Apple still issues the regular cards that allow users to make physical contact with the POS device to attest a transaction. According to experts, Apple’s cards are engineered with obsolete technology without the modern built-in fingerprint scanner.
Conforming to the contract between both tech companies on developing MasterCard’s biometric technology, the fintech company will retain its function of clearing POS transactions. While Samsung will financially push-support MasterCard with its own Samsung card that is powered by Samsung Life Insurance.
Samsung Life Insurance — according to Wikipedia, South Korea’s finest tech giant owns the renowned autonomous credit card company (Samsung Life Insurance) in its home country.
Samsung announced its credit card will be available for South Koreans before the year runs out. Still, they did not reveal if their credit card will be accessible in other parts of the world.