PURCHASE, N.Y. & REDMOND, Wash. -- (Business Wire)
Mastercard (NYSE: MA) and Microsoft (Nasdaq “MSFT” @microsoft) today
announced a strategic collaboration to improve how people manage and use
their digital identity.
Currently, verifying your identity online is still dependent on physical
or digital proof managed by a central party, whether it’s your passport
number, your proof of address, driver’s license, user credentials or
other means. This dependence places a huge burden on individuals, who
have to successfully remember hundreds of passwords for various
identities and are increasingly being subjected to more complexity in
proving their identity and managing their data. Working together,
Mastercard and Microsoft aim to give people a secure, instant way to
verify their digital identity with whomever they want, whenever they
want.
The answer to these challenges is a service that would allow individuals
to enter, control and share their identity data their way--on the
devices they use every day. That’s Mastercard’s intention, working
closely with players like Microsoft.
“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,” says Ajay Bhalla, president,
cyber and intelligence solutions, Mastercard. “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.”
Access to a universally-recognized digital identity could unlock new and
enhanced experiences for people as they interact with businesses,
service providers and their community online, including:
- Financial Services: Improve and speed the applicant
identification process for establishing a new bank account, loan or
payment service account
- Commerce: Enable a more personalized and efficient shopping
experience 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
“Digital identity is a cornerstone of how people live, work and play
every day,” said Joy Chik, corporate vice president, Identity,
Microsoft. “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 decentralized identity innovations to life.”
This digital identity initiative could also help solve for common
challenges:
- Identity Inclusion: More than 1 billion people, a majority of
them women, children and refugees, are not officially recognized; a
digital identity can improve their access to health, financial and
social services.
- Identity Verification: A single, reusable digital identity can
help people interact with a merchant, bank, government agency and
countless other digital service providers with greater integrity,
lower cost and with less friction.
- Fraud Prevention: A single digital identity can help reduce
payments fraud and identity theft of various forms.
This initiative will serve as the foundation for new Mastercard services
powered by Microsoft Azure and built in collaboration with leaders in
the banking, mobile network operator and government communities.
Microsoft and Mastercard are bringing together their respective
strengths – Microsoft’s expertise in identity technology and
Mastercard’s expertise in securely orchestrating digital interactions in
a complex multi-stakeholder ecosystem.
Additional details on these efforts will be shared in the coming months.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com,
is a technology company in the global payments industry. Our global
payments processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries and
territories. Mastercard products and solutions make everyday commerce
activities – such as shopping, traveling, running a business and
managing finances – easier, more secure and more efficient for
everyone. Follow us on Twitter @MastercardNews,
join the discussion on the Beyond
the Transaction Blog and subscribe for
the latest news on the Engagement
Bureau.
About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for
the era of an intelligent cloud and an intelligent edge. Its mission is
to empower every person and every organization on the planet to achieve
more.
For more information on Microsoft’s decentralized identity efforts,
please visit www.microsoft.com/ownyouridentity.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005226/en/
Contacts:
Mastercard Communications, Julia Monti, (914) 217-9533, julia.monti@mastercard.com
Microsoft
Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com
Source: MasterCard Incorporated
© 2024 Canjex Publishing Ltd. All rights reserved.