Mastercard and Microsoft set to advance digital identify verification
Mastercard and Microsoft are working together to advance digital identity verification that will see shoppers easily managing payments and shopping that requires identity-proof.
The partnership is aiming to address the challenges shoppers face of being bound by online verification checks that need a proof of address, drivers’ license, and user credentials. It aims to prevent fraud by designing a single identity verification service that will see consumers paying in a secure and instant way with whomever they want, whenever they want. The new service, says the collaboration, would allow consumers to enter, control, and share their digital identity verification data on the devices they use every day.
“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, giving them control of their identity data and where it is used. Working with Microsoft brings us one step closer to making a globally interoperable digital identity service a reality, and we look forward to sharing more very soon.”
-Ajay Bhalla, president, cyber and intelligence solutions at Mastercard
Merchants will benefit from the innovation that will see them providing an accelerated shopping experience without the need for customers to remember passwords for various identity checks. Sellers will be able to transact with customers, partners, and suppliers via a unified data protocol, this way improving transparency and auditability of overall business’ operations.
“Digital identity is a cornerstone of how people live, work and play every day. We believe people should be in control of their digital identity and data, and we’re thrilled to first work with Mastercard to bring new decentralised identity innovations to life.”
-Joy Chik, corporate vice president, Identity at Microsoft