Mastercard embraces inclusivity, allows transgender and non-binary customers to use their real names on cards
Cashless transaction giant Mastercard has announced that transgender and non-binary customers will now be allowed to use their real name on their cash cards. This might not sound like news, but it’s a thorny issue: many people who do not identify with the gender they were assigned at birth are expected to continue using their given name, rather than the name they prefer, unless they legally change names. Mastercard’s True Name cards will be a step towards helping these people to have a name on their payment method that matches up with the person using it.
Mastercard’s share price has appreciated by 42% year to date
Source: Yahoo Finance
Mastercard is working with its banking partners to introduce the True Name cards, which will not require a legal name change to use, and has already conducted talks with banks to help implementation. The company’s president of US issuers, Raj Seshadri, said: “What we’re introducing is a card that represents an individual as who they truly are. This is something that should be accessible to everyone in the way they want it and there shouldn’t be any pain in that.”
According to Mastercard, almost a third of individuals whose “names or genders don’t match their presentation” have reported negative experiences while paying for things. The company is also quick to add that names on cards have no impact whatsoever on security – there is no risk associated with allowing a person to use their chosen name, rather than their given name.
Zeke Stokes, chief program officer at LGBTQ advocacy group GLAAD, said: “Mastercard listened to transgender and non-binary consumers’ need for privacy and authenticity and created a powerful tool to make their lives better. Other businesses should follow suit by working with members of the LGBTQ community to create financial products that reflect true identities.”
Dominion holds Mastercard in its Global Trends Ecommerce Fund.
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