Payment giant Mastercard announced it would work with Samsung Electronics to develop a digital identity system to boost security for transactions and communications made on mobile handsets.

In a statement, Mastercard said the collaboration, together with other efforts in the digital identity sphere, would offer consumers a “more efficient way to interact with businesses and service providers, whether opening a bank account, accessing e-mail and social media, video streaming or shopping online”.

The aim is to introduce a system which limits the amount of sensitive information, for example payment and personal data, users need to share with third parties in the physical and digital worlds.

Mastercard noted mobile users are currently “juggling multiple passwords and documents in an attempt to keep their identifying data and money safe,” adding as more parties are able to access the information the risk increases.

Samsung Electronics mobile EVP Yongje Kim said the partnership would allow the manufacturer to offer a digital identity solution on its devices for the first time, which would help consumers maintain complete control of the privacy and security of their personal information.