Microsoft and Mastercard are partnering for a new digital identity solution which offers internet users the option to dispense with multiple passwords and verify themselves instantly online.
The software giant announced it was joining forces with the payments provider to develop a decentralised identity product that will alleviate the burden on individuals when it comes to providing digital or physical proof of identity as part of the online verification process.
Announcing their strategic collaboration today, Mastercard and Microsoft said they would be working together to give people a secure, instant way to verify as well as enter, control and share their data “with whomever they want, whenever they want”.
The eventual product will help consumers create a single, reusable digital identity that can help people interact with e-commerce merchants, banks government agencies and other digital service providers with lower cost and less friction.
It is also envisaged that a single digital identity could help tackle payments fraud and identity theft.