[THE INVESTOR] Samsung Electronics is teaming up with local banks and other financial institutions to offer mobile banking services using iris recognition for user authentication.
“Shinhan Bank, Worri Bank, and KEB Hana Bank will roll out mobile banking services compatible with Samsung Pass from Aug. 19,” Koh Dong-jin, the chief of Samsung Electronics’ mobile communications business, said in a media event for the Galaxy Note 7 in Seoul on Aug. 11.
A Samsung Electronics executive introduces the iris scanning technology of the latest Galaxy Note 7 during the launch event held in New York on Aug. 2. Samsung Electronics
Samsung Pass is a mobile authentication solution using the iris scanner in the company’s latest Note phablet. The company said it will serve as a safer and easier way for authentication compared to existing methods such as online public authentication certificates and security tokens including onetime password dongles.
KEB Bank will adopt Samsung Pass for the whole authentication process previously done through online authentication certificates, while Woori Bank will replace identification passwords and security cards with the Samsung solution.
Shinhan Bank will use Samsung Pass for the login process of its website and expand the use for money transfer and subscription process.
Samsung said it will also work with credit card and investment firms, including Samsung Card, Shinhan Card, Hana Card, KB Kookmin Card, and Kioom Securities.
By Kim Young-won (
wone0102@heraldcorp.com)
