News and resources on cyber and physical threats to banks and fintechs worldwide.
Mastercard trials digital identity tech

Mastercard trials digital identity tech

Mastercard is carrying out the first pilot of a digital identity programme designed to let people prove who they are immediately, safely and securely in both the digital and the physical world.

How companies use consumer data in the digital era has been in the spotlight recently, with Facebook the most glaring example of a big tech firm that has found itself at the centre of a damaging privacy crisis.

Earlier this year, Mastercard published a vision paper setting out 10 principles on data rights and ownership, confidentiality, consent, transparency, security and inclusion, with a central theme of 'privacy-by-design'.

Now, the payments giant has teamed up with Deakon University in Australia to pilot an identity verification process for student registration and digital exams.

A separate partnership with Australia Post will integrate the agency’s existing Digital iD solution and expand the ability for Australians to identify themselves easily when accessing services.

Ajay Bhalla, president, cyber and intelligence, Mastercard, says: “Our increasingly digital life - the way we transact and interact - has challenged our traditional notions of identity, trust and privacy. We need a new model.

“We believe that this starts with a commitment to the responsible handling of personal information, giving consumers control over which data is used and how it is used to verify their identity.”

Comments: (2)

A Finextra member
A Finextra member 11 December, 2019, 17:141 like 1 like

I agree that we do "need a new model" - just not with MasterCard or any of the other major card schemes who are become increasingly pervasive in our society. Isn't this something that Governments ought to be doing rather than leaving it to private entities? On second thoughts .....

A Finextra member
A Finextra member 12 December, 2019, 03:40Be the first to give this comment the thumbs up 0 likes

If the MasterCard approach is to facilitate the design of a solution Financial Institutions can implement and therefore act as a trusted identity provider, then, why not.  If the goal is for MasterCard to become the trusted party in an identity solution, then I am uncomfortable. 


As an example of a responable approach.  If the Chip used to secure a debit account's credentials (debit card or mobile device with debit credentials inside) was to include certain Identity Attributes, proofed by the consumer's bank, this would be a very good source of a trusted digital identity.