Samsung and Mastercard officially partner on a credit card with a built-in fingerprint scanner, Samsung Announced Thursday. These so-called “biometric cards” will come bundled with “several key discrete chips” on the Samsung side, and are planned to be compatible with any point-of-sale (POS) terminal or any terminal that currently accepts Mastercard. chip payments.
Mastercard has been toying with the idea of biometrics since 2017, when the company announced a pilot of a similar sound biometric card that would authenticate payments by having customers place their thumb on a chip embedded within the card. If a person’s PIN number matched the fingerprint associated with the card, their payment would go through.
Samsung’s new collaboration, meanwhile, plans to do away with PIN numbers entirely. According to the ad, all someone will have to do to authenticate a payment is place their thumb on one of the chips embedded in the card. The plan is to allow for “safer interactions with reduced physical contact points” by forgoing the need to even bother to touch a nasty PIN pad.
For one thing, using these systems means that you trust Mastercard to keep your biometric data safe. Considering some of the high or tall–profile stories Of the biometric data breaches we’ve heard in recent years, it can be hard to sell for some of Mastercard’s customers. But on the other hand, those security risks could be worth it for people looking to embrace a contactless form of payment.
Even though there is little evidence pointing towards surface contact, such as between your finger and a PIN keyboard, playing an important role in the transmission of Covid-19, anxieties on contaminated surfaces have led stripes of people to make the change from paying cash to adopting contactless payment methods, like Apple Pay or Google Pay. And as others have done he pointed, there’s a good chance the popularity of cashless payments won’t dissipate anytime soon: In the US, some researchers predict that the total value of these types of contactless transactions will skyrocket from $ 178 billion in 2020 to $ 1.5 trillion in 2024.
Samsung will lead the “gradual” rollout of these new biometric cards in South Korea later this year. So far, it is unclear if the cards will come out in other markets.