10969 Berlin, de
+49 (89) 4119-3025
Veridos showcases 'Payment on eID' solutions at Security Document World 2015
Veridos and MasterCard have joined forces to develop electronic identity (eID) cards that incorporate payment functionality. Veridos contributes its technological know-how regarding identity documents and corresponding systems. MasterCard brings its expertise to design and scale financial solutions.
To Kunz, this project "offers huge potential, especially for countries with a large proportion of the population still being unbanked or underbanked." He went on to explain that while usually a bank account is only granted to those fulfilling certain economic criteria, national ID cards make not such distinction. Thus, the combination of a payment and eID card would promote financial inclusion, by granting access to formal financial services.
"This is a vital step for citizens toward raising their income levels, benefiting from economic opportunities and guaranteeing independence. For governments, in addition, payment enabled identity cards and help to reduce disbursement fraud and disbursement cost. The solution ensures transparent cash flows and the right recipients for social benefits," Kunz stated. "In addition, these multi-application cards open up new venues for all kinds of use cases and are tailor-made turnkey solutions, adaptable to any specific requirement."
In addition to the presentation of key benefits of "payment on eID" functionality at Veridos' booth no. J13, Frank Schmalz, Director Product Management at Veridos, will outline Veridos' solution as part of the Lightning Talks on June 9.
For more information on the SDW, visit http://www.sdw2015.com/
The use of information published here for personal information and editorial processing is generally free of charge. Please clarify any copyright issues with the stated publisher before further use. In the event of publication, please send a specimen copy to email@example.com.