Why It Matters: Samsung's new all-in-one biometric card IC solution, winner of the CES 2023 Best of Innovation Award in Cybersecurity & Personal Privacy, has the potential to significantly strengthen payment and identification security, addressing a critical global issue.
- Samsung's solution includes biometric cards that use fingerprints instead of PINs or signatures for transaction authentication, offering cardholders greater security and convenience.
- This technology stores up to three digital finger templates on the card, which are verified at point-of-sale terminals upon use.
- In addition, the biometric data is encrypted and never leaves the card, providing an extra layer of security.
- The single-chip solution reduces production costs and simplifies the card design process, enabling wider adoption of biometric identity verification solutions.
The Big Picture: Samsung's biometric card solution could help combat financial exclusion by providing a more accessible and secure payment method for people with learning disabilities, literacy issues, or visual impairments.
By developing a single-chip solution that reduces production costs and simplifies design, Samsung aims to facilitate wider adoption of biometric identity verification.
According to Gwanbon Koo, vice president of the Security & Power Product Development Team, Samsung's new product will expand the biometric card market by providing a unique payment experience.
Samsung's advancement in biometric card technology is an essential step towards a more secure and inclusive financial landscape.