American Banker writes about how some payment companies are hard at work on introducing a “vaccine verification process and incentive marketing program that instantly issues a digital prepaid card for use anywhere.”
As an example, they point to MasterCard doing just that in Australia — as MasterCard has also partnered with the International Chamber of Commerce to integrate the two organizations’ digital ID work to support vaccine passports and other health passes.
However, the website notes, vaccines are polarizing in the U.S., making it difficult to create interoperable standards that would work nationwide in America.
But one state American Banker points to is New York, where the state’s Excelsior Pass uses a QR code that businesses and other facilities can scan to validate each patron’s vaccination status.
“These systems are creating new digital IDs expressly for the purpose of vaccine ‘passports,’ ” said Avivah Litan, a vice president at Gartner Research who specializes in artificial intelligence and block chain told AB. “But once these IDs and apps are set up they can extend to other uses, like a financial wallet or education credentials.”
This article was written by John Adams and originally published on American Banker. A subscription may be required.
