Mastercard and Samsung partners to develop digital identity solution
Mastercard today announced that it will collaborate with Samsung to explore and deliver a better way for people to conveniently and securely verify their digital identity on the mobile devices they use every day.
People today are juggling multiple passwords and documents in an attempt to keep their identifying data and money safe. They have to repeatedly provide large amounts of personal information to numerous agents, and the more it is shared, the greater the risk. They lack control over their personal identity data and where they do have rights, there is often little transparency. And Mastercard, together with Samsung, thinks that they know how to solve that issue.
Ajay Bhalla, president of cyber & intelligence at Mastercard, said: “Our digital and physical lives are merging and we need a digital identity solution that reflects this reality. Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”
People will soon be able to access a digital identity capability on their devices for interactions in both the physical and digital worlds. This will provide consumers with a more efficient way to interact with businesses and service providers, whether opening a bank account, accessing e-mail and social media, video streaming or shopping online.
“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 office at Samsung Electronics Mobile Division.
The collaboration with Samsung builds on Mastercard’s commitment to improve how people manage and use their digital identity, and follows the publication of the company’s model for digital identity in an increasingly connected world. The model is founded on user-centric principles such as data ownership, confidentiality, consent and transparency, embodies privacy-by-design and does not collect identity data.
Contributed | This content is contributed or sourced from third parties but has been subject to FTHours editorial review.