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Visa and TECH5 to Promote Digital ID-Based Payments

Visa announced the beginning of cooperation with the biometric company TECH5.

Visa and TECH5 to Promote Digital ID-Based Payments

The specified partnership is aimed at creating an ecosystem of digital government on a global scale. The companies will work together to implement payment infrastructure and services based on virtual identifiers at the national level. This was announced by Shahebaz Khan, head of the Commercial Solutions Department at Visa CEMEA.

As part of the cooperation, the companies will develop a plan to expand card acceptance for government payments and payment programs on several platforms. The participants of the partnership project will also create a financial literacy and digital integration program.

Moreover, both companies announced they are working together on a roadmap for super-app. The partners also allow the use of Visa card credentials for citizens and non-residents through several digital channels.

TECH5, based in Switzerland, offers biometric SDKs and software platforms for contactless collection and matching of biometric data, and issuing and managing virtual identity cards.

The cooperation between the two companies became known six weeks after the European Union reached a final agreement on the creation of a digital identification wallet for EU citizens that can be used when making payment transactions.

The final decision on this issue has yet to be ratified by the European Parliament and the Council of the EU. The digital identification wallet will be available to citizens of the mentioned alliance states two years after completion of all approval procedures.

Experts note that the strategic imperative of virtual identification levels is the basis for realizing unprecedented opportunities in the personalization area, expanding access to financial services, transaction security, and global connectivity.

Digital payments have become faster and more sophisticated. But against this background of the innovation movement, the need for companies to provide customers with secure payment methods has not disappeared.

Cutting-edge solutions such as virtual wallets aim to form a foundational technology that provides governments and businesses with the ability to protect digital identity movements.

As we have reported earlier, EBL Launches Biometric Metal Card.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.