Mastercard has joined the ID2020 Alliance, the financial services giant has announced.
The latter group is a public-private partnership aimed at promoting user-managed digital identity solutions. The organization has worked with global companies including Accenture and Microsoft in support of United Nations efforts to establish recognized identity as a basic right, and has actively explored the benefits of blockchain and biometric technologies to that end.
In announcing its official support of ID2020, Mastercard framed it in the context of the rapid escalation in “digital dependency” in the wake of the COVID-19 pandemic, with individuals around the world performing ever more daily transactions online instead of in person. Digital identity is therefore more important than ever.
“We share the belief with ID2020 that digital identity is a fundamental human right that each individual has control over; that digital identity is a crucial step towards financial inclusion and to building a world where technology empowers, enables and protects everyone,” explained Mastercard Cyber & Intelligence President Ajay Bhalla. “We must work together to establish consistency and common standards across the globe that can make this a reality, addressing real challenges faced by people every day and sparking continued innovation.”
For ID2020’s part, Executive Director Dakota Gruener acknowledged that “governments, technology companies, financial institutions and civil society must collaborate” in order to realize the full potential of digital identity in terms of social and economic benefits. “We are delighted to welcome Mastercard to the ID2020 Alliance and applaud their commitment to privacy-protecting, user-centric digital identity,” she added.”
May 21, 2020 – by Alex Perala