Mastercard announced Tuesday, May 21, that it is collaborating with Samsung to research and develop ways for people to verify their digital identity on mobile devices.
In a press release, Mastercard stated that as it stands people have to manage multiple passwords and documents to ensure their identifying data and money remains safe. They are repeatedly required to offer up personal information to numerous agents. The more it is shared, the greater the risk to their security. Mastercard and Samsung are aiming to solve that problem with their new alliance.
“Our digital and physical lives are merging and we need a digital identity solution that reflects this reality,” Ajay Bhalla, president of cyber and intelligence at Mastercard, said in the press release. “Without control over how their data is used, people rely on outdated systems that can compromise their security. Our collaboration with Samsung advances a digital identity solution that is bound to a trusted device — the mobile phone — which is used by millions of people every day.”
Through the alliance, the companies stated, people will soon be able to access digital identity capabilities on their mobile devices for both the physical and digital worlds. That will give consumers an easier way to interact with businesses whether it’s opening a new bank account, going on social media or shopping online. Mastercard stated the collaboration with Samsung is part of the payment company’s commitment to improving the way people manage their digital identities.
It comes on the heels of the publication of Mastercard’s model for digital identity. The model is based on user-centric principles including data ownership, confidentiality, consent, and transparency. Mastercard stated in the press release that the principles are focused on privacy by design and don’t collect identity data.
“At Samsung, we believe consumers should be in complete control of the privacy and security of their personal identity and we’re excited to work with Mastercard to bring the first digital identity solution to Samsung smartphones,” said Yongje Kim, EVP and head of service business at Samsung Electronics Mobile Division.