wordpress blog stats
Connect with us

Hi, what are you looking for?

MasterCard and Microsoft to launch a decentralised, universal digital ID

MasterCard and Microsoft have collaborated to make a globally inter-operable digital identity service. However, their press statement does not specify the nature of the digital identity – whether it would be biometric, numerical, QR Code or another kind.

“Additional details on this would be shared in the coming months,” reads the official statement. Yet, both the companies say that a universally-recognized digital identity could improve service experiences across –

  • Financial Services: Improve the speed of the identification process, to further opening of new bank accounts, loan and payment services.
  • Commerce: Efficient shopping, offline and online, independent of the payment type, device or service provider.
  • Government services: Simplified interaction with government regarding application for passport, enrolling for social security schemes and filing taxes.
  • Digital services: The new digital identity system would help streamline the use of mail, social media, OTT platform services and ride sharing platforms.

The companies also believe that the digital identity initiative could resolve some of the challenges of:

  • Identity inclusion: a digital identity can improve the access to health, financial and social services for more than 1 billion people who are not officially recognized.
  • Identity verification: A single, reusable digital identity can provide greater integrity, cost effectiveness and lesser friction in the interaction with merchant, bank and digital service providers.
  • Fraud Prevention: A single digital identity, the company believes, can also reduce payments fraud and identity theft.

Read our coverage of MasterCard here and Microsoft here.

You May Also Like

News

The chipmaker Intel has now launched a facial recognition solution, which the company says will work with smart locks, access control, point-of-sale devices, ATMs...

Uncategorized

In the aftermath of the US government data breach this month that impacted the US Treasury Department, the National Telecommunications and Information Administration and...

News

Pornhub will only allow uploads from verified users, and content partners, and has disabled the ability the ability to download content from the platform...

News

Microsoft had announced a feature for its enterprise Office productivity suite that would let employers check how much time each month employees were spending...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ