Mastercard develop consumer-centric digital identities model

Mastercard have revealed its vision and future plans for digital identity in today’s increasingly connected world.

A new paper, Restoring Trust in a Digital World’, presented a detailed framework to the company of how digital identity will work – starting with the individual sitting at the heart of every digital interaction.

Guiding this model are Mastercard’s ‘Principles of Digital Identity’ that will underpin its system.  These principles focus on data rights and ownership, confidentiality, consent, transparency, security and inclusion.  

Mastercard determined these principles amount to a fundamental individual right which is: “I own my identity and I control my identity data.”

Courtesy of Mastercard

Ajay Bhalla, president of Cyber & Intelligence Solutions for Mastercard asked the question: “how do you trust someone you don’t know, can’t see and isn’t present in person?” and stated that this aspect of digital security “we’ve been exploring for some time.”

He said: “It’s with this insight that we imagine a world where a person’s identity and the devices operating on their behalf can be verified immediately, safely and securely, where access is gained without passwords and data is exchanged only with consent.”

Mastercard’s model aims to embody privacy-by-design and will enable digital interactions to occur with minimal data exchanged and only when needed.

The firm said that this will safeguard data and make use of data effectively such that the users are in control – meaning a person’s identity is securely bound to their smartphone.

Access to a digital identity will “unlock new and enhanced experiences” for people as they interact with businesses, service providers and their communities online. The company also hope it will also reduce the risk of fraud and identity theft.

Bhalla continued: “Digital identity requires a collective effort.  Building on our strategic partnership with Microsoft and working with a range of industry players, we are committed to facilitating the network and helping define the rules and governance.  

“Together, we have a real opportunity to transform digital engagement so that it is convenient and doesn’t compromise on security.”