Microsoft, Mastercard propose universal digital identity program

Microsoft and Mastercard say the “single, reusable digital identity” could solve identity verification issues and help with fraud prevention.

Microsoft, Mastercard propose universal digital identity program
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Long ago, over eight years ago, Facebook wanted to issue your internet driver’s license. Thankfully that failed, but now Mastercard and Microsoft have teamed up for a new digital identity plan that would include a “universally-recognized digital identity” for every person across the globe.

According to the press release, the digital identity could be used for digital services such as email, social media, movie and music streaming services, and rideshare platforms. It could be used to “simplify interactions with government agencies and services — such as filing taxes, applying to passport or securing” Social Security payments. It could also be used for financial services, such as setting up at a new bank or for loan or payment services. As for commerce, it could “enable a more personalized and efficient shopping experience online and in stores."

The companies suggested the “single, reusable digital identity” could solve identity verification issues, could help with fraud prevention, and give digital identities to more than 1 billion people who are not officially recognized.

The “strategic collaboration” for this digital identity platform involves Mastercard’s “expertise” in digital transactions and Microsoft’s identity technology. The identity services will be built on Microsoft Azure. It will reportedly let people “enter, control and share their identity data their way — on the devices they use every day.”

More about the new decentralized identity innovation will be revealed in the coming months.

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