Mastercard, the American Multinational Finance Corporation joins the digital identity alliance ID2020, which is a non-governmental organization that advocates for digital ID for the billion undocumented people worldwide. ID2020 Alliance was founded by Microsoft, Accenture, PricewaterhouseCoopers, Gavi and Rockefeller foundation. The alliance includes NGO’s, private companies and international agencies.
COVID-19 led to the increased usage of digital services and the Users have to prove who they are in this service. Digital Identity can play a significant role in facilitating access to a wide range of digital services.
“Everyone must work together to establish consistency and common standards across the globe that can make this alliance a reality, helps in addressing challenges faced by people every day and boosts innovation,” said Ajay Bhalla, President Cyber and Intelligence, Mastercard.
Mastercard is in the process of exploring new innovations in decentralized digital identity which helps in verifying financial transactions and in online services. Digital identity enables banking, finance and other services for people with no paper works. According to World Bank reports It is estimated that over a billion people lack any form of legally recognized identification. Since the world is moving into the digital economy and digital services, it will be difficult for the above- mentioned population to get access with vital services like education, finance, healthcare and social protection.
ID2020 believes collaboration and global partnerships are the keys to success in accessing digital identity adoption. Dakota Gruener, Executive Director of ID2020 said “Digital identity will be a powerful force multiplier to enhance social and economic opportunities for all the people. But in order to realize its full potential, governments, financial institutions and technology companies must collaborate.”
The alliance helps the partners to arrange funds and other resources for developing digital identity projects. ID2020 has already launched many programmes and worked with the Government of Bangladesh to launch a digital identity program for vaccination in the country.
Digital Identity has so many applications in the coming future as the use of digital services are increasing day by day. Mastercard also joined with Trust over IP(ToIP) foundation. ToIp is defining a collaboration for Internet-scale digital trust, combines cryptographic trust at the machine level and human trust at business and legal levels. Other members in this consortium include Evernym, IBM and Accenture. In April 2020, tech giant Microsoft and other ID2020 members formed COVID Credentials Initiative (CCI) to use digital identity for checking the spread of COVID-19.