Mastercard announced that the Chicago-headquartered bank BMO Harris and New York City-headquartered Superbia Credit Union, a financial institution focused on the LGBTQ community, will be the first issuers to the True Name credit card that enables transgender and nonbinary individuals to use their chosen name for Mastercard payments without requiring a legal name change.
Mastercard launched True Card in June, but the Purchase-based company is not a card issuer itself and made the product available to its financial services clients. BMO Harris plans to integrate the True Name feature for personal ATM and debit cards in December while Superbia Credit Union will bring the feature into its Mastercard portfolios in 2020.
In creating True Card, Mastercard pointed to research that determined nearly one-third 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. The company stated that introduction of the True Name feature would mitigate a major pain point for the transgender and nonbinary communities by enabling them to synchronize their credit card purchasing activities with who they are in their daily life.
“We are thrilled to have the very first issuers of the True Name feature on board, allowing us to propel one of our key values, unconditional acceptance,” said Cheryl Guerin, Mastercard’s executive vice president of marketing and communications. “At Mastercard, we strive to cultivate a culture of inclusion that extends both internally and externally. We are continuing to call on the industry to help us ensure that each and every person’s financial products can reflect their true identity.”