Mastercard wants to restore trust in a digital identity
Mastercard has released if’s vision for digital identity in a paper entitled “Restoring trust in a digital world“. The paper discusses the future of digital identity, which will place individuals at the heart of all of their digital interactions globally. Also create an explict framework for such interactions.
MasterCard describe their collaborative position within a multi-stakeholder ecosystem. Currently data is managed within bespoke, niche and closed systems, there is over-sharing of data without transparency, static identity data is used, vulnerable passwords and a selective system that can exclude the poor. The MasterCard vision will bring a transparent, globally interoperable service, which is controlled by the user, with dynamic and biometric identity data and is inclusive for all.
The key to developing a successful Digital ID is to develop a worldwide, recognised trust scheme that supports it. One of the best examples of global trust schemes is MasterCard, who’s card payment scheme is used throughout the world and provides the trust for individual users. MasterCard describe their role within Digital ID as the creator of the ecosystem.
About Mastercard
Mastercard is a global financial services company that provides payment solutions, including credit, debit, and prepaid cards, as well as related services such as payment processing and consulting. The company was founded in 1966 and is headquartered in Purchase, New York. Mastercard is one of the largest payment networks in the world, with operations in more than 210 countries and territories. The company’s products and services are used by consumers, businesses, and governments to make electronic payments and access financial services. Mastercard is known for its strong brand and reputation for security and reliability. In addition to its core payment services, the company also offers a range of other financial products and services, such as cybersecurity solutions and financial inclusion initiatives.