Mastercard's 'True Name' Feature Expands Across the Globe this Pride Month
As Pride month kicks off, Mastercard has announced the expansion of its True Name card feature across the globe as Global Payments, a leading provider of payment technology and software solutions, implements this feature for its TSYS issuer customers. In addition, Mastercard partners across Europe and North America will enable cardholders to leverage their chosen name on their card offerings, including bunq and Monzo as the first issuers to implement in Europe and expanded deployment in North America through BM Technologies, Inc. (BMTX) and Republic Bank & Trust Company.
For many people around the world, the identity printed on their cards does not reflect who they truly are. True Name from Mastercard has been designed to change that, enabling people to display their preferred name on their card. As Mastercard seeks to achieve ubiquity for True Name across all card offerings, the collaboration with Global Payments ensures deeper market penetration.
True Name Enablement Expands in Launch Market North America: True Name continues to expand within North America, the introductory market for the feature, as partners across the region commit to enabling True Name for their cardholders. New deployments in the region include BM Technologies, Inc. (BMTX) and community institution Republic Bank & Trust Company who join BMO Harris and Citi in enabling True Name for their cardholders.
“We are excited to partner with Mastercard’s initiative of fostering a more inclusive and diverse community by providing our issuers and their cardholders the opportunity to participate in the True Name program,” said Gaylon Jowers, Senior Executive Vice President, Global Payments and President, TSYS Issuer Solutions. “We have a longstanding record of providing innovative solutions that put people at the center of payments.”
“We are proud that Mastercard is partnering with BM Technologies (BMTX) on its True Name initiative, which will become part of our white label banking product offering,” stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX). “Diversity and inclusion are fundamental components of our company and we hope our banking experience makes all of our customers feel empowered both individually and financially.”
True Name Achieves First Deployments Across Europe: True Name is expanding into the European market with the card feature being made available via challenger bank bunq in 30 markets across Europe. In addition, challenger bank Monzo becomes the first U.K. based issuer to partner with Mastercard on the True Name initiative, having enabled its customers to leverage their preferred name on their Monzo card and in the Monzo app since 2016.
“At bunq we believe in the freedom to live your life the way you want to,” said Ali Niknam, CEO and founder of bunq. “True Name helps ensure that everyone who chooses to bank with bunq is able to do just that, enabling the use of your chosen name on your bunq banking solutions. We’re thrilled to join Mastercard in this important initiative.”
“Inclusion is the foundation of what we stand for as a company, which is why we continue to call on the industry to join this effort and enable cardholders to leverage their chosen name because everyone deserves financial products that reflect their true identity,” said Cheryl Guerin, EVP of Marketing and Communications in North America for Mastercard.
True Name has no incremental compliance requirements above typical credit or debit card programs, making implementation with Mastercard simple. Accessibility and enablement are vitally important to the LGBTQIA+ community. Nearly one-third (32%) of individuals who have shown IDs with a name or gender that did not match their presentation reported negative experiences, such as being harassed, denied services, and/or attacked.