IDEX Biometrics Launches Biometric Payment Cards in India
IDEX Biometrics Launches Biometric Payment Cards in India
IDEX Biometrics is bringing biometric authentication to payment cards for the Indian market, partnering with a global leader in payment services. With over 1 billion payment cards in circulation, India has been a front-runner in biometrics for many years, making it the perfect market for this technology.
Live user experience and technology testing for the IDEX Pay biometric payment cards has been successfully conducted with an Indian payment service partner. The tests yielded excellent results, proving that biometric payment cards can be deployed seamlessly and securely throughout the country. Research indicates that more than 90% of affluent consumers in India are interested in biometric payment cards, highlighting a significant market demand.
Enhancing Security in Digital Payments
The Reserve Bank of India (RBI) is actively promoting secure digital payments and is consulting with Indian banks to mandate alternative multi-factor authentication methods for digital transactions. This push includes a focus on biometric authentication, particularly fingerprints, which are integral to the evolving payment landscape in India.
With an opportunity to grow contactless payments from a current adoption rate of only 16%, the biometric card represents a new, secure, and convenient payment solution for the Indian populace. The biometric authentication is performed directly on the payment card, requiring no changes to existing payment terminals or infrastructure. Notably, the IDEX Pay technology ensures that the cardholder’s biometric data never leaves the card, providing the highest levels of security and privacy for consumers.
Global Fintech Fest and Market Deployment
IDEX Biometrics will be present at the Global Fintech Fest in Mumbai for live demonstrations, welcoming attendees to booth K20-22-23. This event marks a significant step towards further integrating biometric solutions into the financial technology space in India.
“We are committed to bringing more secure payment solutions globally, with a focus on India and South Asia. Our user-friendly card solution from IDEX Biometrics supports the acceleration of payment digitization in India while ensuring comprehensive consideration for market deployment,” says Catharina Eklof, Chief Executive Officer of IDEX Biometrics.
About IDEX Biometrics
IDEX Biometrics ASA is a global technology leader in fingerprint biometrics, providing authentication solutions across payments, access control, and digital identity sectors. Their biometric solutions, built on patented and proprietary sensor and integrated circuit technologies, deliver convenience, security, and seamless user experiences. IDEX Biometrics collaborates with leading card manufacturers and technology companies to bring innovative solutions to market.
For further information, please contact:
Marianne Bøe, Head of Investor Relations
E-mail: marianne.boe@idexbiometrics.com
Tel: +47 918 00186
Frequently Asked Questions
What is the purpose of biometric payment cards?
Biometric payment cards enhance security by using fingerprint authentication directly on the card, ensuring only authorized users can make transactions.
How prevalent are payment cards in India?
India has over 1 billion payment cards in circulation, highlighting the significant market for innovative payment solutions.
What technology does IDEX Biometrics use?
IDEX Biometrics utilizes patented sensor technologies and integrated circuit designs to provide secure biometric authentication solutions.
Will existing payment terminals need upgrades?
No, the biometric authentication happens on the card itself, requiring no changes to existing payment terminals or infrastructure.
When and where can consumers see the biometric payment cards?
Consumers can see live demonstrations of the biometric payment cards at the Global Fintech Fest in Mumbai at booth K20-22-23.
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