IDEX Biometrics Achieves Visa Certification for Biometric Card
IDEX Biometrics Achieves Visa Certification for IDEX Pay
IDEX Biometrics has reached a significant milestone by successfully passing Visa’s certification for its IDEX Pay biometric solution. This milestone reflects the company’s commitment to advancing biometric payment applications and enhancing security within the payment landscape.
Overview of IDEX Pay Biometric Solution
The IDEX Pay solution integrates IDEX Biometrics’ proprietary card operating system alongside the latest technology fingerprint sensors, utilizing Infineon’s high-performance SLC38 secure element. This combination ensures that the communications and transactions made with the card are secure and efficient.
Importance of Visa Certification
The Visa certification signifies the successful completion of extensive performance testing of biometric functions, confirming that IDEX Pay adheres to Visa's functional and security specifications. This certification is pivotal as it confirms that IDEX Pay is now commercially viable on the extensive Visa payment network, which boasts an impressive circulation of over 3 billion Visa cards.
Market Reach and Future Implications
This certification opens doors for card manufacturers across the globe, positioning IDEX Pay at the forefront of the biometric payment solutions market. As Visa and Mastercard collectively account for 64% of the annual payment transactions worldwide, the capability to process transactions via major networks places IDEX Biometrics in an advantageous position in the competitive landscape.
Partnership and Industry Leadership
IDEX Pay is already certified with Mastercard as well, with several card manufacturers in the final stages of obtaining their Mastercard Letter of Approval. This dual certification underscores IDEX Biometrics' strong partnerships, enhancing its reputation as an industry leader in biometric authentication solutions.
Statements from Leadership
“IDEX Biometrics is leading the way in deploying certified biometric solutions based on the Visa payment applet. We are confirming our commitment to delivering products that meet the highest security and functionality standards to card manufacturers and banks globally,” says Catharina Eklof, Chief Executive Officer at IDEX Biometrics.
About IDEX Biometrics
IDEX Biometrics ASA is recognized as a global technology leader in fingerprint biometrics, specializing in authentication solutions encompassing payments, access control, and digital identity verification. The company aims to deliver convenience and enhanced security through a seamless user experience.
Innovative Solutions and Technologies
Built on patented sensor technologies and integrated circuit designs, the IDEX Pay biometric solution targets card-based applications, aiming for a significant impact in the payments and digital authentication sector. By collaborating with leading card manufacturers and technology companies, IDEX Biometrics strives to bring secure and user-friendly solutions to the market.
Contact Information
For further information, please reach out to Marianne Bøe, Head of Investor Relations. You can contact her via email at marianne.boe@idexbiometrics.com or by phone at + 47 918 00186.
Frequently Asked Questions
What is the IDEX Pay biometric card solution?
The IDEX Pay biometric card solution is a secure payment method that uses biometric fingerprint authentication to enhance transaction security.
What does Visa certification mean for IDEX Biometrics?
Visa certification confirms that IDEX Pay meets Visa’s security and functionality requirements, enabling its widespread commercial use.
How does the IDEX Pay solution work?
IDEX Pay utilizes a combination of a secure operating system, fingerprint sensors, and secure elements to authenticate and process payments efficiently.
Who can benefit from IDEX Biometrics' solutions?
Card manufacturers, banks, and end-users looking for secure and convenient payment solutions can benefit from IDEX Biometrics' offerings.
Why is the partnership with Mastercard significant?
The partnership with Mastercard enhances IDEX Biometrics' credibility and market reach, providing dual certification that covers a substantial share of global payment transactions.
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