Mastercard will collaborate with Samsung to build a secure and convenient digital identity verification solution for mobile devices.
Consumers will soon be able to use a digital identity tool on their smart devices and shall be usable in both physical and digital environments. The companies have not specified what this tool will take the shape of, but it will ease interactions with business and service providers.
Some of the use cases for the tool include opening a bank account, accessing e-mails and social media, streaming videos or shopping online.
The companies have taken these steps due to the magnitude of passwords and documents people have nowadays. This personal information needs to be shared with many different companies, but consumers have a relatively small control over their data.
Mastercard president of cyber and intelligence Ajay Bhalla 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 Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”
This partnership has come shortly after Mastercard revealed its new customer-centric model for digital identity. The company released a new framework for how digital identity will work, with customers now getting more control over their personal information.
Underpinning this new model are 10 principles which focus on the data rights and ownership, confidentiality, consent, transparency, security and inclusion.
Mastercard has had a very active 2019, completing a variety of deals. Most recently, the card issuer acquired the anti-fraud solution Ethoca and teamed up with Edenred to launch a biometric payment card in Mexico.
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