- Mastercard Partners Samsung to Improve Digital Identity
Mastercard (NYSE: MA) on Thursday announced it will partner Samsung to explore and invent better identification means for people to easily and securely verify their digital identity on mobile devices.
In today’s world, people have to remember multiple passwords and provide numerous documents to keep their data and money safe. This habit of providing large amounts of personal information to various agents expose people to greater risk, especially where service providers are not transparent as seen in recent time.
The fact that people do not have control over their personal identity data, their right, necessitate an improvement.
President of cyber & intelligence at Mastercard, 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 Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”
He said people will soon have access to a digital identity capability on their devices for usage in both the physical and digital worlds.
According to him, this will provide consumers with a more efficient and effective way to interact with businesses and service providers like banks, electronic mail provider, e-commerce, social media, etc.
Yongje Kim, EVP and head of service business office at Samsung Electronics Mobile Division said: “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.”