The paper describes a detailed framework of how digital identity will work, starting with the individual sitting at the heart of every digital interaction. Guiding this model are Mastercard’s Principles of Digital Identity that will underpin the system, and which focus on data rights and ownership, confidentiality, consent, transparency, security, and inclusion. To their bases, one encounters the fundamental individual right: ‘I own my identity, and I control my identity data.’

Moreover, Mastercard’s model embodies privacy-by-design, and does not aggregate identity data. This means that it will enable digital interactions to occur with minimal data exchanged, and only when needed. It will also safeguard data and the use of data in such a way that the users are in control, with a person’s identity securely bound to their smartphone.

Access to a digital identity will unlock new experiences for people as they interact with businesses, service providers, and their communities online. This will introduce an efficient online shopping experience, a seamless process for opening a bank account or filing taxes, as well as it will facilitate the use of e-mail, social media, and entertainment platforms. The risk of fraud and identity theft will be reduces.