Digital ID appears benign on the surface, even practical, but the polished marketing conceals a deeper reality: a system designed to merge personal data and biometrics while systematically dismantling privacy. The central issue isn’t whether Visa and Mastercard are advancing the Digital ID agenda—it’s whether they can implement it successfully alongside central banks, with or without CBDCs. Once fully implemented, it will dictate how you spend, what services you can use, and ultimately, who has control over your assets.
The Federal Reserve Bank of New York reported that credit card balances surged by $45 billion in Q4 2024
This system extends far beyond finance. It will touch every aspect of life—education, healthcare, the food supply, agriculture, transportation, property rights, and technology. All will be linked through a single Digital ID, tethered to your bank account and monitored within a social credit-style framework.
This is not speculation. The plans are explicitly laid out in publications from the Bank for International Settlements (BIS), central banks, the World Bank, major financial institutions, and payment processors like Visa and Mastercard—all with full government backing.
The BIS envisions a world where everything you own—your money, your home, your vehicle—is converted into a digital “token” on a single, unified global ledger. These tokens would be governed by “smart contracts,” programmable rules dictating how, when, and where your assets can be used. This isn’t about convenience. It’s about control.
Exploiting fears of cyberattacks on individual institutions, governments and financial giants argue that consolidating all personal data and assets into tokens under a Digital ID will enhance security. But centralizing everything in one location creates the ultimate vulnerability—total control by a single authority.
Many believe the primary battle is against Central Bank Digital Currencies (CBDCs). However, the necessary financial infrastructure and interoperability are already largely in place. The extensive identity verification systems already developed are poised to be expanded into an all-in-one Digital Identity, locking the final pieces into position.
This digital prison is being marketed as a convenient and inevitable way of life. As these control “rails” are constructed, consumers are sinking deeper into debt and becoming more dependent on credit. The Federal Reserve Bank of New York reported that credit card balances surged by $45 billion in Q4 2024, reaching a record $1.21 trillion, with delinquencies also rising. Total household debt climbed to $18.04 trillion.
Visa and Mastercard are at the forefront of this takeover. If they succeed, the resulting surveillance and control will be absolute and irreversible. Consumers must reconsider their reliance on credit cards and use cash whenever possible. State legislators must enact creative laws establishing independent systems that protect citizens and promote financial freedom through cash, precious metals, and alternative structures.
As Neel Kashkari, President of the Minneapolis Fed, noted, “I get why China would be interested. Why would the American people be for that?”
A Brief History of the Gatekeepers
Visa The first major credit cards emerged in the 1950s. Bank of America issued the first consumer credit card with revolving credit in 1958, creating a national network by 1966. It went international by 1974, rebranding as Visa in 1976 to signal universal acceptance.
In 2007, regional Visa entities merged to form Visa Inc., which went public in 2008 in one of the largest IPOs in U.S. history, raising $19.1 billion. Underwriters included JPMorgan, Goldman Sachs, and Bank of America. Its board includes executives from PepsiCo, Gap, and Stanley Black & Decker.
Visa has repeatedly faced legal action for anticompetitive practices. A 2019 class-action settlement cost $5.5 billion over swipe fee price-fixing. The Department of Justice has an ongoing antitrust probe into Visa. These cases reveal a pattern of consolidating financial power and resisting any threat to its dominance.
Mastercard Competitors formed the Interbank Card Association (ICA) in 1966, which became Mastercard International. Founding banks included Wells Fargo and United California Bank. The ICA expanded globally, merging with Europay International in 2002 and going public in 2006, raising $2.4 billion with Goldman Sachs as a lead underwriter. Its board includes leaders from Verizon and The Carlyle Group.
Like Visa, Mastercard has been embroiled in scandals. It secretly sold credit card data to Google for targeted advertising in 2018 and was part of the same $5.5 billion swipe fee settlement. It is also under DOJ investigation. The top shareholders of both companies are Vanguard, BlackRock, and State Street.
The Digital ID Architecture
Visa’s Role In 2019, Visa launched B2B Connect, a blockchain-based platform for cross-border payments that includes digital identity solutions and a “centralized system of record for each and every payment.”
Visa holds numerous patents for biometric identity tracking, programmable money, and digital asset control. These patents outline the technical foundation for universal financial surveillance:
WO2018222211A1 – Binds biometric data to digital identities on a blockchain.
US20220052852A1 – Extends verification via distributed ledgers, eliminating anonymity.
US20210353699A1 – Creates infrastructure to link CBDCs and private tokens into a programmable, observable web.
US20220031643A1 – Outlines tokenizing real-world assets like property on corporate-controlled blockchains.
In 2020, Visa filed a patent to create a digital currency to replace cash and partnered with Ethereum to connect its network to the USDC stablecoin. Its Fintech Partner Connect program links banks with digital identity verification companies like Alloy, Jumio, and Idemia—a global leader in biometrics for government ID systems.
Visa partners with ConsenSys to offer CBDC testing platforms for central banks and with TECH5 to build national digital ID payment infrastructures. Its “token transformation” goal aligns perfectly with the BIS vision of a unified global ledger, where CBDCs serve as the reserve currency.
Mastercard’s Role The current World Bank president, Ajay Banga, is the former CEO of Mastercard. Under his leadership, Mastercard expanded into digital identity systems, a strategy now aligned with the World Bank’s “financial inclusion” agenda.
Mastercard markets its Digital Identity Services as a gateway to “everything from financial and government services, to healthcare, education, travel, shopping.” It was a key contributor to the World Economic Forum’s “Blueprint for Digital Identity,” which describes identity as a collection of data including fingerprints, health records, behaviors, and assets.
Mastercard served on a UN digital cooperation panel with Melinda Gates and Jack Ma, promoting digital ID systems to achieve UN Sustainable Development Goals. It has partnered with Gavi to use tokenized biometrics for tracking vaccination records.
In 2019, Mastercard introduced its digital identity framework, positioning itself as the central coordinator between banks, governments, and individuals. It acquired Ekata for $850 million to advance AI-powered identity verification.
Mastercard’s digital ID network is already live in Australia and Brazil, with Australia’s Trusted Digital Identity Framework serving as a template for other nations. Pilots are prepared for the UK and US. Senior VP Sarah Clark has acknowledged public fear of government overreach, advocating for “public-private partnerships” like Mastercard’s to accelerate acceptance.
The trajectory is clear. The infrastructure for a controlled, tokenized society is being built by the same financial giants that have spent decades consolidating power. The battle for financial autonomy is now.
