VISA and TECH5 to showcase at ID4Africa
Visa Inc., a world leader in digital payments, and TECH5, an innovator in the field of biometrics and digital identity management, will showcase their joint solution for the first time at TECH5’s stand B06 during the ID4Africa exhibition on May 21-23, 2023.
In December 2023, the two companies signed a strategic collaboration agreement focusing on developing and enhancing digital government ecosystems globally. They are now ready to demonstrate the first prototype of the GovWallet. When launched, it will enable digital identity infrastructure and Visa card credentials for African countries, laying a robust foundation for advancing digital payments, identity management, access control and other ecosystem-driven services.
“We invite everyone to our stand where we will demonstrate the prototype of our joint solution with Visa for the first time. This marks a historical moment where a combination of expertise and technological excellence in identity and payments, introduces a unique tool to Africa, facilitating inclusion and making financial instruments accessible to everyone,” commented Rahul Parthe, Co-founder, Chairman and CTO at TECH5.
The technology components that TECH5 offers globally include biometric SDKs and highly scalable platforms for matching, contactless biometric capture digital ID issuance and management, all developed in-house, as well as KeyShare decentralized Digital ID technology stack based on SSI principles. They can be readily deployed for integration with Visa payment services and other value-added components that support the implementation of digital public infrastructure and e-commerce marketplaces.
The partners plan to jointly develop next-generation digital identity solutions powered by SSI-based Digital Identity Wallets, with a specific focus on government payment digitization.
“The development of combined Visa and TECH5 offerings unlocks significant market potential, by enhancing security, convenience, and accessibility in digital payments. It would streamline processes, improve authentication methods, and open new avenues for financial inclusion across various regions,” – says Svyatoslav Senyuta, Government Solutions Regional Leader, CEMEA at Visa.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About TECH5®
TECH5 Group is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID technology offerings through the application of AI and Machine Learning. A combination of sustained investment and single-minded dedication to the development of biometric modalities that capitalize on AI has resulted in TECH5’s algorithms being consistently ranked in the top tier of NIST ranking for face, fingerprint, and iris recognition. TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases.