Mastercard and Microsoft have just announced a strategic partnership to improve the way people manage and use their digital identity.
Currently, verifying your identity online relies on physical or digital evidence administered by a third party, be it a passport number, proof of address, driver's license, user credentials, or some additional form. This dependency puts a lot of pressure on individuals, who have to remember hundreds of passwords and are increasingly exposed to complex ways of proving their identity and managing their data. Working together, Mastercard and Microsoft seek to provide people with a secure and instant way to verify their digital identity with whoever they want, wherever they want.
The answer to these challenges is a service that allows individuals to enter, control and share their data the way they choose, through the devices they use every day. That's Mastercard's goal in working closely with companies like Microsoft.
“The environment of digital identity today is disparate, inconsistent and what works in one country usually doesn't work in another. This is an opportunity to establish a system that puts people first, giving them control over their identity data and where it is used,” said Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard. "Working with Microsoft brings us even closer to making a globally interoperable digital identity service a reality, and we look forward to sharing more information about this initiative soon."
Access to a universal digital identity could unlock new and better experiences for people as they interact with businesses, service providers and their online community, including:
• Financial services: Improve and speed up the user identification process to open a new bank account, apply for a loan or an account for payment of services.
• Business: Providing a personalized and more efficient online shopping experience, no matter what method of payment or device used, or service provider.
• Government Services: Simplify interactions with government agencies and services such as paying taxes, applying for passports or paying benefits.
• Digital Services: Optimize and offer simpler use of email, social media, movie streaming services and travel sharing platforms.
“Digital identity is the cornerstone on which people live, work and play every day,” said Joy Chik, Corporate Vice President of Identity at Microsoft. “We believe that people should have control over their identity and digital data, and we are extremely excited to work first with Mastercard to bring innovations in the area of decentralized identity to work.”
This digital identity initiative could also help solve common challenges such as:
• Identity Inclusion: More than a billion people, most of them women, children and refugees, are not officially recognized; a digital identity can improve your access to health, finance and social services.
• Digital Identity Verification: A single, reusable digital identity can help people interact with a commerce, bank, government agency and countless digital service providers with greater security, lower costs and less friction.
• Fraud prevention: A single digital identity can help reduce payment fraud and identify theft in a variety of ways.
The initiative will serve as the foundation for new Mastercard services powered by Microsoft Azure and developed in collaboration with financial industry leaders, mobile phone network operators and governments. Microsoft and Mastercard are joining forces – Microsoft's expertise in identity technology and Mastercard's expertise in securely organizing digital interactions within a complex ecosystem with multiple areas of interest.
Additional details on this initiative will be released in the coming months.
The answer to these challenges is a service that allows individuals to enter, control and share their data the way they choose, through the devices they use every day. That's Mastercard's goal in working closely with companies like Microsoft.
“The environment of digital identity today is disparate, inconsistent and what works in one country usually doesn't work in another. This is an opportunity to establish a system that puts people first, giving them control over their identity data and where it is used,” said Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard. "Working with Microsoft brings us even closer to making a globally interoperable digital identity service a reality, and we look forward to sharing more information about this initiative soon."
Access to a universal digital identity could unlock new and better experiences for people as they interact with businesses, service providers and their online community, including:
• Financial services: Improve and speed up the user identification process to open a new bank account, apply for a loan or an account for payment of services.
• Business: Providing a personalized and more efficient online shopping experience, no matter what method of payment or device used, or service provider.
• Government Services: Simplify interactions with government agencies and services such as paying taxes, applying for passports or paying benefits.
• Digital Services: Optimize and offer simpler use of email, social media, movie streaming services and travel sharing platforms.
“Digital identity is the cornerstone on which people live, work and play every day,” said Joy Chik, Corporate Vice President of Identity at Microsoft. “We believe that people should have control over their identity and digital data, and we are extremely excited to work first with Mastercard to bring innovations in the area of decentralized identity to work.”
This digital identity initiative could also help solve common challenges such as:
• Identity Inclusion: More than a billion people, most of them women, children and refugees, are not officially recognized; a digital identity can improve your access to health, finance and social services.
• Digital Identity Verification: A single, reusable digital identity can help people interact with a commerce, bank, government agency and countless digital service providers with greater security, lower costs and less friction.
• Fraud prevention: A single digital identity can help reduce payment fraud and identify theft in a variety of ways.
The initiative will serve as the foundation for new Mastercard services powered by Microsoft Azure and developed in collaboration with financial industry leaders, mobile phone network operators and governments. Microsoft and Mastercard are joining forces – Microsoft's expertise in identity technology and Mastercard's expertise in securely organizing digital interactions within a complex ecosystem with multiple areas of interest.
Additional details on this initiative will be released in the coming months.
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