OSLO, NORWAY: IDEX Biometrics ASA is bringing biometric payment playing cards to the Indian market, in partnership with technology supplier M-Tech Innovations Ltd. The biometric payment playing cards are anticipated to attain the market in 2023.
This partnership will present banks and different smart card issuers with biometric card options for the Indian market, a entrance runner in biometric authentication. India is one of many world’s quickest rising payment card markets with near 1 billion playing cards issued annually, and with 5 million acceptance locations.
M-Tech is licensed by RuPay, Visa and Mastercard, providing excessive tech end-to-end smart card options for monetary payments, entry control, and authorities identification. The biometric solution is based on IDEX Biometrics TrustedBio sensor module, powered by SLC38 from Infineon Technologies. The companies will co-develop innovative options for fingerprint registration, tailor-made to the Indian market.
Catharina Eklof, Chief Commercial Officer of IDEX Biometrics, says, “The Indian market represents a really large alternative for biometric payment cards. Consumers in India are used to biometric authentication via the Aadhaar biometric program. The fingerprint solution from IDEX Biometrics makes use of encrypted biometric technology which by no means leaves the card, ensuring speed and reduced risk of hacking. We are delighted that millions of customers will be able to profit from safe and seamless funds through the IDEX Biometrics collaboration with M-Tech.”
“The booming smart card market in India represents an excellent alternative for the biometric card solution from IDEX Biometrics”, says VM Gandhi, Chairman of M-Tech. “We see a strong and increasing demand for biometric smart cards. Adapting the onboarding and registration processes to the Indian market will be critical, and we’re assured in IDEX Biometrics technology management and innovation energy to speed up market adoption for the profit of consumers throughout India.”