Mastercard has revealed a new consumer-central model for digital identity, which will give consumers increased control on their data.
Restoring Trust in a Digital World, a new paper from Mastercard, outlines a framework on how digital identity will work, with the consumer being at the centre of all transactions.
Underpinning this new model are 10 principles which focus on the data rights and ownership, confidentiality, consent, transparency, security and inclusion.
The new digital identity model will embody privacy-by-design and not aggregate identity data. It will ensure digital transactions occur minimal data exchange, only doing so when necessary and in a secure manner,
Importantly, the user will have control and their identity will be bound to their smartphone, Mastercard said.
Increasing access to digital identity will allow for new enhanced consumer experiences, improving interactions with businesses and creating a better online shopping experience. It will also ease bank account opening, email and social media usage, and lower risk of fraud and identity theft.
Mastercard president of cyber and intelligence solutions Ajay Bhalla said, “The big question for digital interactions in a hyper-connected age is: how do you trust someone you don’t know, can’t see and isn’t present in person?
“This is an area we’ve been exploring for some time, in discussion with a range of different groups. 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.”