Mastercard & Samsung partner to develop new digital identity solution

Mastercard expands digital identity commitment with Samsung Electronics

Mastercard and Samsung partner to develop new digital identity solution. Source: shutterstock.com

Mastercard 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 mobile devices.

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.

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 Without control over how their data is used, people rely on outdated systems that can compromise their security.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
Ajay Bhalla, president of cyber & intelligence at Mastercard

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 reportedly provide consumers with a more efficient way to interact with businesses and service providers.

The collaboration with Samsung follows the publication of Mastercard’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.

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