Samsung Electronics and Mastercard Sign Business Partnership Agreement
Commercialization Planned Starting with Corporate Cards in the Second Half of This Year
Kang Byung-joo, Executive Director of Samsung Card (center), Cho Jang-ho, Managing Director of Samsung Electronics (left), and Lee Tae-hyung, Vice President of Mastercard, are taking a commemorative photo.
[Asia Economy Reporter Ki Ha-young] Samsung Card will launch a 'Fingerprint Authentication Card' in the second half of this year through collaboration with Samsung Electronics and Mastercard.
Samsung Card announced on the 4th that it signed a business partnership agreement for the fingerprint authentication card with Samsung Electronics and Mastercard at the Samsung Headquarters Building located in Jung-gu, Seoul. Attendees at the signing ceremony held the previous day included Kang Byung-joo, Executive Director of Samsung Card, Jo Jang-ho, Executive Director of Samsung Electronics, and Lee Tae-hyung, Vice President of Mastercard.
The companies will collaborate to develop the fingerprint authentication card and aim for commercialization in the second half of this year. Samsung Card will be responsible for introducing the fingerprint authentication card to the domestic market, Samsung Electronics will develop and supply the fingerprint authentication IC chip, and Mastercard will handle the overseas introduction of the fingerprint authentication card.
The fingerprint authentication card is embedded with an IC chip that can store and authenticate the user's fingerprint information. When a finger is placed on the fingerprint sensor and the card is inserted into or tapped on the terminal, the payment is processed. When making payments overseas, there is no need to enter a password or PIN, eliminating concerns about password exposure. Additionally, since only the cardholder can make payments through fingerprint authentication, payment damages caused by physical card theft or loss are reduced.
The fingerprint authentication card can be used at both domestic and overseas merchants equipped with IC card terminals, facilitating commercialization. Another advantage is that the card does not require a separate battery as it receives power from the payment terminal.
The fingerprint authentication card being developed will use Samsung Electronics' 'Fingerprint Authentication IC Chip.' This IC chip aims to secure the highest level of international security certification and is equipped with advanced security technology capable of distinguishing fake fingerprints such as silicon fingerprints.
A Samsung Card official stated, "We plan to first apply the fingerprint authentication card to corporate cards that frequently use overseas card payments in the second half of this year, and gradually expand the target according to market conditions."
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