Samsung today announced that it will be producing a biometric credit card that includes a built-in fingerprint scanner for increased security. This project still seems to be in the early stages, as today’s announcement covers a memorandum of understanding signed by Samsung Electronics’ System LSI Business, Mastercard, and Samsung Card to develop such a credit card. So, with that in mind, it’s safe to say that this credit card is probably some time off.
Still, the prospect of a biometric credit card is an exciting one, as that built-in fingerprint scanner can help ensure that transactions are secure and authorized at the point of transaction. “Through this strategic collaboration, the companies aim to provide faster and more secure payment experiences,” Samsung said in a press release today. “The biometric authentication capability allows safer interactions with reduced physical contact points by eliminating the need to enter a PIN on a keypad. It also adds an extra layer of security to currently available credit cards by verifying the cardholder’s identity via a unique fingerprint.”
Details on the card are still fairly slim, but we do know that they will use a security chipset development by Samsung’s System LSI Business and that they’ll be usable at any POS or terminal that’s compatible with chip-based Mastercards. It is worth pointing out that Mastercard has worked on developing biometric credit cards in the past, so now it seems that technology is coming to fruition.
So, when will we begin to see it roll out? Samsung Card will handle the roll out first in South Korea at some point later this year, but for now, that’s the best launch timeline we’re getting. Regular consumers might need to wait longer than that, as Samsung said today that rollout will be a “gradual process” that will probably begin with corporate credit cards as those are more frequently used internationally.
That means we could be into 2022 before Samsung begins offering this card to consumers, and it could be even longer than that before the card is available in areas outside of South Korea. We’ll let you know when more is shared about this new Samsung Card, so stay tuned.