Banking transactions using iris authentication to be available via Galaxy Note7

Banking transactions using iris authentication to be available via Galaxy Note7. August. 12, 2016 07:25. by 서동일기자 dong@donga.com. Samsung Electronics announced its Samsung Pass service will enable customers to use financial services of financial institutions with the iris scanner featured on the Galaxy Note7. Customers can use the service via the apps of Shinhan Bank, Woori Bank, and KEB Hana Bank along with the release of the Galaxy Note7 from Aug. 19. The announcement was made on Thursday in the Galaxy Note7 Media Day event held in its Seocho headquarters located in Seoul.   

“Samsung Pass service will simplify complicated processes of authentication, such as certificate verification, one-time password (OTP), security cards, which will create a new paradigm for financial transactions,” said Koh Dong-jin, president of Samsung's mobile communications business.

As for Woori Bank and KEB Hana Bank, certificate verification password and security card ID number submission will be replaced with the iris-scanning. Shinan Bank plans to launch a simple login service by using iris-scanning first and to expand the service into money transfer or new subscriptions. “Samsung is working with global financial institutions including Citibank, Bank of America, and U.S. Bank to enable their apps to support user authentication using the iris scanner," President Koh said. "Samsung will continue talks with 350 banks that are partnered with Samsung Pay at home and abroad.”

As for the concerns of security breaches, Koh said it is not possible. “The iris scanning is the safest among the biometric technologies and iris cannot be reproduced in the first place,” the Samsung president said. “You do not have to worry as the iris information is saved in a trust zone into the smartphone, which cannot be hacked.”

Concerns were raised when the company unveiled the Galaxy Note7 and its iris-scanning for the first time in New York on last Tuesday. Some people argued that once the iris information is leaked, it could be a lifetime problem.

Koh also said that the company is considering launching the Galaxy Note7 with 128 gigabyte memory in China. “We are reviewing the possibility to unveil the Galaxy Note7 with 128GB storage in response to aggressive marketing strategies of Chinese companies to sell premium smartphones with built-in high-capacity memory,” he said. Previously, the company said it would provide the Galaxy Note7 with 64GB memory only.