Earlier this week Mastercard announced a new collaboration with Samsung to explore and deliver a better way for its customers to conveniently and securely verify their digital identity on mobile devices.
“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 Without control over how their data is used, people rely on outdated systems that can compromise their security,” explains Ajay Bhalla, president of cyber & intelligence at Mastercard.
“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,” he adds.
With smartphones being used more often to facilitate payments, not to mention the other services run on them, and the passwords required, there is certainly several concerns when it comes to security.
This, according to Mastercard opens up consumers to far more risk, especially with the vast amounts of personal data that is stored on mobile devices. As such both Mastercard and Samsung are looking at ways to give consumers greater control.
“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,” notes Yongje Kim, EVP and head of service business office at Samsung Electronics’ mobile division.
There is no official solution to speak of at the moment, but one is said to be in the offing as both companies actively look at ways to improve how identity verification is handled on mobile devices.
“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,” adds the company.
“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,” financial services firm concluded.