Mastercard aims to 'de-stress the customer' by streamlining identity verification across platforms

Trust but verify: Mastercard is reimagining how payments can play a broader role in digital security by using its payment infrastructure to verify identity attributes like age or address.

• The company’s new Identity Attribute Verification service, based on EMVCo specifications, aims to simplify the process of confirming who someone is when making purchases online or accessing services, the company said in a blog post.
• The service will first launch in several European countries, with plans for broader expansion by 2025.

Why it's important: The move is part of a broader push to streamline the customer experience while maintaining security. Instead of requiring customers to upload documents like a driver’s license or passport, Mastercard’s system will enable issuers to confirm identity using information already tied to a consumer’s payment card. Other fintech players are also adopting innovative approaches to simplify the user experience while safeguarding sensitive data.

• Visa introduced its Advanced Identity Solutions, leveraging AI and biometric data to authenticate users and help prevent fraud.
• PayPal has been focusing on in-app identity verification through its partnerships with financial institutions, enhancing security for services like direct deposits, digital wallets, and financial management tools.

Bottom line: Mastercard’s solution comes as more services shift online and businesses seek ways to build trust with consumers while balancing security concerns. By using existing payment infrastructure to handle identity verification, Mastercard is positioning itself as a leader in rethinking how payments can enhance customer experience at every step of the commerce journey.