A Mastercard Microsoft partnership aims to improve how people manage and use their digital identity.
The aim is to give people a secure, instant way to verify their digital identity with whomever, whenever they want.
Currently, verifying your identity online is still dependent on physical or digital proof managed by a central party. Examples include passport number, proof of address, driver’s licence, user credentials or other means.
This dependence places a huge burden on individuals. Consumers have to remember hundreds of passwords for various identities.
In particular, people are increasingly being subjected to more complexity in proving their identity and managing their data.
Mastercard’s intention is to enable individuals to enter, control and share their identity data on devices they use every day.
Mastercard Microsoft partnership to put people first
“Today’s digital identity landscape is patchy, inconsistent and what works in one country often won’t work in another. We have an opportunity to establish a system that puts people first.
“Working with Microsoft brings us one step closer to making a globally interoperable digital identity service a reality. We look forward to sharing more very soon, “says Ajay Bhalla, president, cyber and intelligence solutions, Mastercard.
Joy Chik, corporate VP, Identity, Microsoft, adds: “Digital identity is a cornerstone of how people live, work and play.We believe people should be in control of their digital identity and data.”
The Mastercard and Microsoft partnership aims to unlock greater convenience for people as they interact with businesses, service providers and their community online, including:
- Financial Services: improve and speed up applications for new bank accounts, loan or payment service accounts
- Commerce: provide more personalised and efficient shopping online and in stores, regardless of the payment type, device or service provider
- Government Services: simplify interactions with government agencies and services – such as filing taxes, applying for passports or securing support payments (e.g., Social Security)
- Digital Services: streamline and provide easier use of email, social media, movie/music streaming services, and rideshare platforms.
Mastercard Microsoft partnership: solving common challenges
Such examples include identity inclusion. More than 1 billion people, a majority of them women, children and refugees, are not officially recognised. A digital identity can improve their access to health, financial and social services.
Identity verification is another challenge. A single, reusable digital identity can help people interact with a retailer, bank, government agency and countless other digital service providers with greater integrity, lower cost and with less friction.
Finally, fraud prevention. A single digital identity can help reduce payments fraud and identity theft of various forms.