Mastercard has announced that it will collaborate with tech giant Samsung to investigate and deliver new ways to verify a person’s digital identity on mobile devices.
Both firms believe that people will soon be able to access a digital identity capability on their devices for interactions in both the physical and digital worlds.
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“Without control over how their data is used, people rely on outdated systems that can compromise their security.
Mastercard believe focusing on mobile digital identities 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.
Bhalla concluded: “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.”
In the announcement, Mastercard refer to the large amount of passwords people have to create nowadays in order to keep accounts secure and that the consumer often lacks control over their personal 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 office at Samsung Electronics Mobile Division.
Mastercard said the collaboration with Samsung builds on its 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.
Its 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.
Furthermore the partnership also acts as another sign that of Samsung’s interest in the financial world after the South Korean company disclosed it is planning to introduce blockchain technology into its Galaxy models.