A method for transferring control of a secure element, the method comprising a first trusted service manager performing the method steps of: creating a first master key between the first trusted service manager and a second trusted service manager (145B, 215), wherein the first master key facilitates a transfer of control of a secure element from the first trusted service manager to the second trusted service manager; receiving instructions to transfer control of the secure element from the first trusted service manager to the second trusted service manager; initiating a secure communication channel with the secure element, wherein, the secure communication channel is established using an access key known by the first trusted service manager and resident on the secure element; communicating an instruction to delete the access key from the secure element; creating a temporary key; communicating the temporary key to the secure element; encrypting the temporary key using the first master key established between the first trusted service manager and the second trusted service manager; and communicating the encrypted temporary key to the second trusted service manager for the second trusted service manager to access the secure element; wherein creating the first master key comprises the first trusted service manager: generating a first part of the first master key; inputting the first part of the first master key into a hardware security module of the first trusted service manager; generating a second part of the first master key; inputting the second part of the first master key into the hardware security module of the first trusted service manager; assembling the first and second parts of the first master key in the hardware security module of the first trusted service manager; and destroying the first and second parts of the first master key. creating a first master key between the first trusted service manager and a second trusted service manager (145B, 215), wherein the first master key facilitates a transfer of control of a secure element from the first trusted service manager to the second trusted service manager; receiving instructions to transfer control of the secure element from the first trusted service manager to the second trusted service manager; initiating a secure communication channel with the secure element, wherein, the secure communication channel is established using an access key known by the first trusted service manager and resident on the secure element; communicating an instruction to delete the access key from the secure element; creating a temporary key; communicating the temporary key to the secure element; encrypting the temporary key using the first master key established between the first trusted service manager and the second trusted service manager; and communicating the encrypted temporary key to the second trusted service manager for the second trusted service manager to access the secure element; wherein creating the first master key comprises the first trusted service manager: generating a first part of the first master key; inputting the first part of the first master key into a hardware security module of the first trusted service manager; generating a second part of the first master key; inputting the second part of the first master key into the hardware security module of the first trusted service manager; assembling the first and second parts of the first master key in the hardware security module of the first trusted service manager; and destroying the first and second parts of the first master key. generating a first part of the first master key; inputting the first part of the first master key into a hardware security module of the first trusted service manager; generating a second part of the first master key; inputting the second part of the first master key into the hardware security module of the first trusted service manager; assembling the first and second parts of the first master key in the hardware security module of the first trusted service manager; and destroying the first and second parts of the first master key.