Mastercard announced last week a new collaboration with Samsung Electronics intended to boost digital identity security. The partnership will explore new ways to enable people to easily and securely prove their digital identity via their mobile devices.
According to Mastercard, the global digital identity service will allow customers to access and verify their digital identities both online and offline. Customers will then be able to use their proven digital identification to carry out everyday tasks such as entering office buildings, verifying their age for 21-and-older venues, ordering prescription medications or demonstrating their credit history when renting an apartment, opening a bank account or carrying out other financial transactions.
Mastercard and Samsung decided to launch this initiative in the face of current challenges facing consumers in relation to digital identity security. The average person must juggle multiple passwords and security documents in order to keep their data and money safe; the more often personal information is shared, the greater the risk of a security breach—and consumers ultimately have little control over their personal identity data with almost no transparency as to their rights.
Mastercard’s president of cyber and intelligence Ajay Bhalla notes the importance of this Mastercard-Samsung joint initiative: “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 Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”
Representatives from Samsung agree, with Samsung Electronics Mobile Division EVP and head of service business office Yongje Kim noting that “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.”
Mastercard’s latest digital identity security efforts build upon their existing commitment to preserving digital identity. The company recently published their model for digital identity in a connected world, revealing a standard based on user-centric principles including confidentiality, data ownership, transparency and consent.