Technology giant Microsoft has collaborated with MasterCard to unveil a globally inter-operable digital identity service. Their official communiqué, however, does not specify the nature of the digital ID, whether it is going be biometric, numerical, QR Code based or any other kind.
“Additional details on this would be shared in the coming months,” said the communiqué.
Both the companies have stated that a universally-recognised digital identity could improve service experiences across –
- Financial Services: Speed-up 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: Hassle-free interaction with government pertaining to the application for a passport, enrolling for social security schemes and filing taxes.
- Digital services: It will help in streamlining the use of mail, social media, OTT platform services and ridesharing platforms.
The companies also believe that the digital identity initiative could resolve some of the challenges of:
- Identity inclusion: It can help in improving access to health, financial and social services for more than 1 billion people who are not officially recognised.
- Identity verification: As it will be usable, it will offer greater integrity, cost-effectiveness and lessen friction in the interaction with the merchant, bank and digital service providers.
- Fraud Prevention: It can reduce payments fraud and identity theft.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
