Mastercard consumer-centric model is launching to improve digital identity in an increasingly connected world.
Today, digital interactions must be intelligent, privacy-enhancing and also efficient.
Furthermore, the Mastercard consumer-centric model embraces privacy-by-design. Consumers accessing their digital identity unlock more enhanced experiences.
Interacting with businesses, service providers and also merchants will become more seamless. Furthermore, it will ultimately reduce the risk of fraud and identity theft.
A new paper, ‘Restoring Trust in a Digital World’ details how digital identity will work in an evolving landscape. In addition, the paper states that it all begins with the individual and their needs at the heart of every interaction.
The paper highlighted:
“These digital interactions will be made possible by a user-centric digital identity that is owned, managed, and controlled by the individual and that enables the individual to interact with participating organisations. A reusable digital identity service is impossible without the clear understanding, trust, and also engagement of the user.”
President of Cyber & Intelligence Solutions for Mastercard, Ajay Bhalla commented: “The big question for digital interactions in a hyper-connected age is: how do you trust someone you don’t know, can’t see and isn’t present in person?
“This is an area we’ve been exploring for some time, in discussion with a range of different groups. It’s with this insight that we imagine a world where a person’s identity and the devices operating on their behalf can be verified immediately, safely and securely, where access is gained without passwords and data is exchanged only with consent.”
Mastercard consumer-centric model: key principles
This model builds off Mastercard’s ‘Principles of Digital Identity’. These principles will help the system evolve and improve. They focus largely on data rights and ownership. That also includes the importance of confidentiality, consent, transparency, security and inclusion.
Customers owning their own data is crucial. Furthermore, Mastercard continues to work towards creating an environment where consumers can own their data securely.
The principles are:
- Security and Integration
- Data rights
- Fair use
Bhalla continued: “Digital identity requires a collective effort. Building on our strategic partnership with Microsoft and also working with a range of industry players, we are committed to facilitating the network and helping define the rules and governance. Together, we have a real opportunity to transform digital engagement so that it is convenient and doesn’t compromise on security.”