Mastercard Inc (NYSE:MA) and Samsung Electronics have signed a memorandum of understanding to see the two collaborate to develop a new biometric card. The companies’ efforts will enhance the user experience, with the card utilizing a built-in fingerprint sensor to simplify the in-store transactions. The authorization of transactions is going to be much faster, according to the two businesses.
The new business collaboration utilizes Samsung’s System LSI Business’ new security chipset to develop the competitive card to enhance users’ experience. Samsung sees the integration of the “key discrete chips” as an ideal way to boost efficiency.
Samsung Electronics vice president Harry Cho has spoken about the latest development, saying that the channel in top solutions in the deal. According to Cho, Samsung has a robust security solution background in wide-ranging applications such as mobile devices, credit cards, and passports.
The official discloses the new plan that will see them operate with Mastercard and Samsung Card, which will make it possible for them to develop a better environment for consumers. In other words, product consumers are walking into a future where they will be able to use the payment card services with greater ease and peace of mind. All the Mastercard in-store payment terminals will accept the new card, which means greater flexibility for the card users.
Companies’ moves seen as groundbreaking
The companies say that they will do everything within their means to provide a world-class experience to users. Users won’t have to endure the stress of inputting pins or signature authorizations in the transactions, something the companies believe will impress users.
These two companies confirm that they will be unveiling their pilot biometric card later this year and their preferred place in South Korea. They also confirmed that the solution’s adoption process would happen gradually.
The companies plan to start with the unveiling of corporate credit cards. According to them, such cards facilitate more frequent international transactions.
Credit card chips and SIM cards developer Gemalto is the other business focusing on enhancing customer experience. One of its significant moves was the unveiling of a contactless credit card that had a fingerprint reader.