Samsung and Mastercard officially work with a built-in fingerprint scanner, Samsung, on a credit card announced on Thursday. These so-called “biometric cards” are baked in by Samsung’s side with a “few key-separate chips” and are planned to be compatible with any POS terminal or any terminal currently accepting Mastercard. chip payments.
Mastercard has been playing the idea of biometrics since 2017, when the company announced a pilot of a biometric card that sounds similar, that will verify payments by having customers put their thumb on a built-in chip in the card. If a person’s PIN number matches the thumbprint associated with the card, payment will continue.
The new Samsung collaboration plans to eliminate PIN numbers completely. According to the announcement, all one has to do to confirm a payment is to press the thumb on one of the chips embedded in the card. The plan is to allow “safer interactions with reduced physical contact points” by giving up even the hassle of touching an icky PIN path.
On the one hand, using these systems means that you trust Mastercard to keep your biometric data safe. Taking into account some of the high–profile stories from the infringements on biometric data we’ve heard over the past few years, it can be difficult for some of Mastercard’s customers. But on the other hand, these security risks can be worthwhile for people who want to take a contact-free way of paying.
Despite the fact that there little evidence points to contact with the surface – as said, between your finger and a PIN pad – which plays an important role in the transmission of Covid-19, anxiety over contaminated surfaces parts of people to make the shift from cash paid to adoption contactless payment methods, such as Apple Pay or Google Pay. And as others have done pointed out, there is a high chance that the popularity of cashless payments will not soon disappear: in the US, some researchers predict that the total value of these types of touchless transactions will skyrocket from $ 178 billion dollars in 2020 to $ 1.5 billion in 2024.
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Samsung will lead the ‘gradual’ implementation of these new biometric cards in South Korea later this year. So far it is not clear if the cards will appear in any other market.