Recently, techspot reported that Samsung is cooperating with MasterCard to develop a bank card with a built-in fingerprint scanner. The two companies said that this solution helps prevent users from touching the physical keyboard of ATM machines. Plus, users do not need to enter bank card passwords, thereby reducing the spread of the virus.
‘We have big data expertise, and have set the standard in domestic market for digital transformation and fraud detection system (FDS). Leveraging these experiences, we will deliver a powerful solution to enhance payment experiences in close partnership with Samsung Electronics and MasterCard.’
Also Read: MasterCard Launches Central Bank Digital Currency Test Platform
The new bank card will use the latest security chip developed by the Samsung LSI department. The card will contain multiple independent chips. They will help reduce the thickness of the card and simplify the development and design difficulties. You can use the new bank card can on any terminal compatible with MasterCard.
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MasterCard Has Been Testing Bank Cards With Fingerprint Scanner Long Ago
MasterCard started to test fingerprint recognition functions on bank cards and credit cards as early as 2017. But due to technological limitations at the time, the companies didn’t carry out mass production applications.
‘As consumers embrace the safety and convenience of contactless payments, MasterCard will leverage its cybersecurity and intelligence expertise and global payments network in this three-way partnership to enhance cardholder security with a biometric solution supporting fast, frictionless payment experiences that are protected at every point,’ said Karthik Ramanathan, Senior Vice President, Cyber & Intelligence Solutions, Asia Pacific, MasterCard.
The two companies further pointed out that this new technology will add additional security measures to the card. But some people also disagree, because the personal information leakage problem is very serious today. We mean hackers can still steal users’ biological data like stealing a password.
Bank cards with fingerprint readers should be available in the second half of this year. South Korea will be the first to test these cards. But it is still unknown whether they will be promoted to global users.