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Visa and Tech5 sign agreement to enhance digital payment and ID ecosystems

Visa and Tech5 sign agreement to enhance digital payment and ID ecosystems
 

Biometrics and digital identity management firm Tech5 has signed a partnership agreement with Visa to design a strategy and plan to establish “a robust foundation for advancing digital payments, digital identity management, and other ecosystem-driven services,” according to a press release.

The two companies say their strategic collaboration deal focuses on the development and enhancement of digital government initiatives and ecosystems on a global scale. Stated objectives include enabling Visa card credentials for citizens and non-residents through digital channels, launching knowledge and training programs in financial literacy and digital inclusion, and cooperating to prepare for new regulations governing digital payments.

Visa will integrate Tech5’s identity wallet infrastructure, including biometric SDKs and software platforms for contactless biometric capture and matching, digital ID issuance and management.

“We are looking forward to this strategic collaboration with Visa, learning from their invaluable expertise and market knowledge, and jointly developing the next-generation digital identity solutions powered by SSI-based digital identity wallets, with a specific focus on government payment digitization,” says Machiel van der Harst, Tech5’s Co-founder and CEO. “The Tech5 team is delighted to bring to this partnership deep understanding and implementation expertise of foundational ID projects at a national level, as well as technology components and infrastructure that support biometric matching, digital ID and identity wallet solutions for frictionless and secure payments.”

Shahebaz Khan, senior vice president and head of commercial and money movement solutions for Visa CEMEA, says the partnership will allow Visa to unlock the significant market potential in implementing digital ID-based payment infrastructure and services on a national level.

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