‘The digital IDs would theoretically make it easier to open and access accounts in brick-and-mortar institutions like banks and digital business like social media or online retail…’
Mastercard and Samsung are teaming up to provide customers with secure digital identities that will be stored on people’s smartphones. The new IDs are designed for both in-person and online use cases, and would allow people to verify their identities without handing over their personal information.
“Our digital and physical lives are merging and we need a digital identity solution that reflects this reality,” said Mastercard’s President of Cyber & Intelligence Ajay Bhalla. “Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”
The announcement was light on other details, but the new IDs would theoretically make it easier to open and access accounts in brick-and-mortar institutions like banks and digital business like social media or online retail. The broader goal is to increase transparency while giving consumers more control and ensuring user privacy, allowing organizations to verify someone’s identity without collecting intrusive and potentially compromising data.
The news comes a few months after Mastercard announced another digital identity project with Microsoft. The company has consistently advocated for a user-centric model for digital identity, and recently published a paper outlining a set of principles that emphasized the importance of biometric identification.