Digital payments company Visa has teamed up with TECH5, a biometrics and digital identity management company, to focus on the development and enhancement of digital government ecosystems on a global scale.
The two organisations will collaborate on creating a comprehensive plan that encompasses various initiatives and projects aimed at establishing a strong foundation for advancing digital payments, digital identity management as well as other services within the ecosystem.
The partnership agreement includes:
- Designing and implementing improved digital government ecosystems in selected countries
- Developing and supporting the go-to-market roadmap for a superapp as well as enabling Visa card credentials for citizens and non-residents through multiple digital channels
- Formulating a roadmap to expand card acceptance for government disbursements and payment programmes across all platforms
- Initiating programmes for financial literacy as well as digital inclusion
- Cooperating in the preparation of regulatory acts for digital payments development
Shahebaz Khan, senior VP, head of commercial and money movement solutions, Visa CEMEA, said: “Our joint efforts will concentrate on enhancing digital government ecosystems worldwide, with a special focus on advancing digital payments and digital identity management services. We are committed to digital and financial inclusion, and we believe that this partnership will allow to implement digital ID-based payment infrastructure and services on a national level, thereby unlocking significant market potential.”
TECH5 provides a global suite of technology components and identity wallet infrastructure, encompassing biometric SDKs and software platforms designed for contactless biometric capture and matching, digital ID issuance, and management. These solutions integrate with Visa payment services and other supplementary elements critical to establishing digital public infrastructure and e-commerce marketplaces.
“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 digitisation,” Machiel van der Harst, TECH5’s co-founder and CEO, also commented.
“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.”