Mastercard partners with Samsung on ID verification
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Mastercard partners with Samsung on ID verification

Mastercard has announced that it’s collaborating with Samsung Electronics to explore better ways for people to verify their identities on mobile phones and other devices. The company has said that these ID verification methods will be applicable to the online and offline worlds, as devices become an ever-more important tool for accessing one’s finances.

Mastercard’s share price has increased by 33% so far year to date

Mastercard Graph 4 June

Source: Yahoo Finance

According to Mastercard, the Samsung partnership is a way to provide customers with better efficiency across a wide range of interactions, from making purchases from businesses to opening a bank account, to accessing emails and social media, to using online streaming platforms. The project comes on the back of Mastercard’s Model for Digital Identity in an Increasingly Connected World, which was published recently. Mastercard said that this model was built on “user-centric principles such as data ownership, confidentiality, consent and transparency, embodies privacy-by-design and does not collect identity data.”

In a statement, the company’s 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 Without control over how their data is used, people rely on outdated systems that can compromise their security.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.”

Yongje Kim, Samsung Electronics mobile division executive vice president, and head of service business office, added: “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.”

Disclosure

Dominion holds Mastercard in its Global Trends Ecommerce Fund.


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