PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Mastercard Kick Starts Digital ID and SSI, but Likely Complicates Interoperability

Tim Sloane by Tim Sloane
December 12, 2019
in Analysts Coverage, Digital Banking, Personal Data
0
IBM, Mastercard, Microsoft, and Others Plan To Give The Power Of Identity Back To The People

IBM, Mastercard, Microsoft, and Others Plan To Give The Power Of Identity Back To The People

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The big news is that Mastercard made good on its Digital ID and Self Sovereign Identity vision paper published last March by announcing a pilot implementation in Australia. Combining digital identity onboarding with authentication, the Mastercard pilot puts them on course to compete with the Sovrin Network and other solutions built on the Hyperledger Indy codebase (described in Mercator reports here and here) as well as other smaller initiatives:

“Mastercard has chosen Australia as the launch market for its digital identity platform, announcing two trials with Australia Post and Deakin University.

The company said its new digital service has the potential to verify a person’s identity immediately, safely, and securely in both the digital and the physical world.

“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,” president of cyber and intelligence for Mastercard Ajay Bhalla said.

“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.”

Mastercard said its digital ID model allows the data to sit with the user.

As the company explained, it will activate a “distributed model” — information stored on an individual’s mobile device and verified by additional reference points, such as an individual’s bank or participating government agencies.

It said this method eliminates the need for a centralised identity database.”

Initially Mastercard announced it would be implementing its identity vision with Microsoft technology but there is no indication that Microsoft is involved in the Australian implementation. As giants such as IBM, MasterCard and Microsoft start to implement self sovereign visions on different technology it forces a buyers dilemma – which solution do I adopt? That’s no small decision when it’s your ability to identify yourself that’s at risk!

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Tags: AustraliaAuthenticationidentityInteroperabilityMasterCardPersonal Data
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: