A global payment network Mastercard will join the ID2020 Alliance, a blockchain-focused alliance dedicated to providing all people on the planet with a digital ID by the year 2030.
Mastercard claims it admits that holding a viable and trusted digital identity will allow everyone "to connect and realize the opportunities presented by our increasingly digital world."
President of Cyber & Intelligence solutions for Mastercard Ajay Bhalla says the corporations shares the belief with ID2020 that digital identity is a fundamental human right that each individual has control over.
"We must work together to establish consistency and common standards across the globe that can make this a reality, addressing real challenges faced by people every day and sparking continued innovation," she added.
ID2020 Executive Director, Dakota Gruener believes that digital ID can be a powerful force multiplier to change social and economic opportunities for all people.
"But to fully realize that potential, governments, technology companies, financial institutions and civil society must collaborate. We are delighted to welcome Mastercard to the ID2020 Alliance and applaud their commitment to privacy-protecting, user-centric digital identity," Gruener points out.
In February, Mastercard CEO Ajay Banga said that the corporation decided to drop out of the Libra Association as the association’s key members could not give a clear answer on whether the social network would integrate the KYC due diligence, fight with money laundering, store users' data or not.
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