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It is now possible to use SamsungPay through iris verification system starting from next month. Not only will people be able to withdraw and deposit money into ATM through iris verification but iris verification will also be used for online and offline payments through SamsungPay.
According to financial institutions on the 9th, banks are all making preparations to implement SamsungPay ATM service that is based on iris verification system starting from the 5th of next month. Large banks such as Woori Bank, Hana Bank, Shinhan Bank, Nonghyup Bank and others are going to link iris verification system to their ATM services.
Financial institutions have begun to modify their terms so that SamsungPay can be used through iris verification system. Currently only passwords and fingerprint verification system are used by SamsungPay when one is making payments or withdrawing money. Banks are going to modify their fingerprint recognition systems with biometric recognition system.
One can easily withdraw and deposit money through SamsungPay ATM service after registering his or her bank accounts on a corresponding application and entering simple security information such as fingerprint recognition system or passwords.
“Because there aren’t much separate investments to make to link ATMs with iris verification system, banks are going to start their services in next month.” said a representative for a bank. Woori Bank is going to the first one to start SamsungPay iris verification service on the 5th of September and they are going to have about 3,500 ATMs to be linked to iris verification system.
Due to this service, banks are going to link iris verification system to their mobile banking platforms that they are introducing one after another and start variety of financial services. Regarding this, Samsung Electronics recently proposed MOU for iris verification system to its partnering banks.
“We received a notification from Samsung Electronics regarding becoming a partner of SamsungPay iris verification system.” said a high-ranking official of a bank who wanted to remain as anonymous. “All of banks are thinking about signing off on MOUs with Samsung Electronics by end of this month.”
It is heard that Samsung Electronics is going to hold a demonstration day regarding this iris verification system.
Credit card industries are also going to start linking iris verification system to payments that are made by SamsungPay. They are preparing to introduce SamsungPay payment service through iris verification system and are thinking about operating self-verification system through iris verification system when one is making an online or offline purchase through SamsungPay.
“It is possible that Galaxy Note 7 won’t have too much of impact on SamsungPay in short time.” said a representative for a credit card company. “Because LG Electronics is also thinking about applying iris verification system to their Smartphones that are going to be released in the future, credit card companies have no choice but to choose iris verification system.”
It is heard that some credit card companies are also looking to applying their own iris verification system beside of Samsung Electronics’ FIDO iris verification system. Just like banks, credit card companies are also going to modify their terms regarding iris verification system. Because SamsungPay Mini, which is based on applications, is also going to be commercialized soon, security and versatility of SamsungPay are going to be strengthened greatly.
Staff Reporter Gil, Jaeshik | [email protected]
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