Visa announced a partnership with biometric company TECH5 to build “global digital government ecosystems,” according to a recent press release. This collaborative initiative aims to implement payment infrastructure based on digital IDs and national-level services, with a particular focus on expanding card payment acceptance by governments and payment programs. Additionally, both companies plan to launch initiatives related to financial education and digital inclusion.
TECH5, headquartered in Switzerland, specializes in SDK tools and biometric software platforms for capturing and comparing biometric features, as well as issuing and managing digital IDs. By partnering with Visa, their goal is to develop technology that seamlessly integrates with Visa’s payment services and other additional components, thereby supporting the implementation of public digital infrastructure and e-commerce markets.
This partnership initiative comes shortly after the European Union (EU) reached a final agreement on introducing a digital identity wallet for its citizens, which could be used for payments. Once formally approved by the European Parliament and the EU Council, this digital identity wallet will become available to citizens of EU member states within two years.
The need for secure payment methods remains a priority as digital payments continue to gain popularity and undergo further advancements. Innovations such as digital wallets are crucial in providing governments and businesses with the appropriate technology to ensure secure digital identities. The collaboration between Visa and TECH5 aims to contribute to the development of a more personalized and user-centric approach to digital payments, without compromising convenience and security.
As the digital landscape continues to evolve, the ability for seamless identity authentication becomes crucial. Digital identity layers play a key role in unlocking personalization capabilities, financial inclusion, transaction security, and global connectivity. Enabling the portability of digital identities without relying on a single private platform poses a significant challenge that Visa and TECH5 intend to address.
By collaborating between Visa and TECH5, opportunities arise for the introduction of global digital government ecosystems, ultimately contributing to a more inclusive and secure digital future for citizens worldwide.
The source of the article is from the blog hashtagsroom.com