Samsung has been making significant advancements in the digital payments sector in the recent past. The South Korean giant even launched its own debit card earlier in 2020. And now, Samsung has developed the world’s first all-in-one security solution for card manufacturers that combines three key security functions integrated into one chipset.
Samsung Unveils New Security IC Solution
Dubbed as S3B512C, it is a fingerprint-enabled security integrated circuit (IC) that packs enhanced security features, thanks to an all-in-one security chip solution. The S3B512C IC packs a fingerprint sensor, Secure Element (SE), and Secure Processor to deliver a secured payment experience to users.
The new security IC from Samsung is a one-stop shop for a payment card as it offers a secured, biometric authentication-based payment system for debit and credit cards. The IC can read biometric information, thanks to the fingerprint sensor. It can authenticate and store encrypted data using a tamper-proof Secure Element (SE), and can also process and analyze data with a Secure Processor.
These three functions allow users to make faster and safer transactions when making purchases with the said integrated hardware. It also eliminates the need to use a PIN. Furthermore, it prevents fraudulent transactions made with a stolen or lost card as it relies on biometric authentication for transactions.
While these are some of the advantages for the end-users, card manufacturers, on the other hand, would be able to reduce the number of chips on their cards and optimize the card designs by using Samsung’s all-in-one security IC. It is EMVo and Common Criteria Evaluation Assurance Level (CC EAL) 6+ certified as well and performs in line with Mastercard’s Biometric Evaluation Plan Summary, as per Samsung.
Going forward, the company is expected to sell its new security IC to banks across regions. However, an exact timeline for when debit and credit cards would show up with Samsung’s new security solution is currently unknown. So, stay tuned for further updates in the coming weeks or months.