Where payments meet digital ID.

At the Authenticate 2022 event, Mastercard SVP of Digital Identity Sarah Clark detailed the company’s digital ID plans. Clark detailed Mastercard’s plans for a digital ID network at a presentation on “Use of FIDO in a Reusable Digital Identity Network.”

The network is aimed at individuals who already have a government-issued ID. Mastercard plans to create a network through which digital IDs can be reused online, for in-person interactions, through calls and other channels.

The company claims that the network is fully operational in two markets and active in seven markets across the globe. The company has launched a digital identity in Brazil and helped the Australian government develop the TDIF, a framework for the development of digital identity services.

According to Clark, there are opportunities for digital ID systems because of the poor user experiences most people have with traditional ID systems. She also claimed that digital ID could help combat cyber fraud.

The system, called “ID,” does not require a password; it uses biometrics. The user owns their own digital ID, making it decentralized, store it on their smartphone, and only show it to a party that has requested it.

The system also uses standards provided by the FIDO Alliance, an organization focused on providing authentication measures that do not rely on passwords. FIDO provides Mastercard with, among other things, more efficient biometric authentication.

Mastercard will add more verification methods other than facial biometrics. The company is also looking to develop web wallets and other services to make online transactions easier.

Source – https://reclaimthenet.org/mastercard-just-outlined-its-digital-id-push/