IDEX Biometrics Introduces Biometric Payment Cards in India
IDEX Biometrics is set to revolutionize payment cards in India by incorporating biometric authentication, in collaboration with a leading global payment services provider. With more than 1 billion payment cards currently in use, India has long been a leader in biometric technology, making it an ideal market for this innovation.
Successful live user experience and technology testing for the IDEX Pay biometric payment cards have been carried out in partnership with an Indian payment service provider. The results were outstanding, demonstrating that biometric payment cards can be implemented smoothly and securely across the nation. Research shows that over 90% of affluent consumers in India are interested in these biometric payment cards, indicating a strong demand in the market.
Improving Security in Digital Payments
The Reserve Bank of India (RBI) is actively advocating for secure digital payment methods and is engaging with Indian banks to enforce alternative multi-factor authentication techniques for online transactions. This initiative emphasizes the importance of biometric authentication, especially fingerprints, which are becoming increasingly vital in India's changing payment landscape.
With the potential to increase the current adoption rate of contactless payments, which stands at just 16%, the biometric card offers a new, secure, and user-friendly payment option for the Indian public. The biometric authentication occurs directly on the payment card, meaning there is no need to modify existing payment terminals or infrastructure. Importantly, the IDEX Pay technology guarantees that the cardholder's biometric information remains on the card, ensuring maximum security and privacy for consumers.
Global Fintech Fest and Market Launch
IDEX Biometrics will showcase its innovations at the Global Fintech Fest in Mumbai, inviting attendees to experience live demonstrations at booth K20-22-23. This event represents a crucial advancement toward further embedding biometric solutions within India's financial technology sector.
“We are dedicated to delivering more secure payment solutions worldwide, with a particular emphasis on India and South Asia. Our user-friendly card solution from IDEX Biometrics is designed to accelerate payment digitization in India while thoroughly considering market deployment,” stated Catharina Eklof, Chief Executive Officer of IDEX Biometrics.
About IDEX Biometrics
IDEX Biometrics ASA is a leading global technology company specializing in fingerprint biometrics, offering authentication solutions across various sectors, including payments, access control, and digital identity. Their biometric technologies, based on patented sensor and integrated circuit innovations, provide convenience, security, and seamless user experiences. IDEX Biometrics partners with top card manufacturers and technology firms to deliver cutting-edge solutions to the market.
For more information, please reach out to:
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 that only authorized users can conduct transactions.
How prevalent are payment cards in India?
India boasts over 1 billion payment cards in circulation, underscoring the significant market for innovative payment solutions.
What technology does IDEX Biometrics use?
IDEX Biometrics employs patented sensor technologies and integrated circuit designs to deliver secure biometric authentication solutions.
Will existing payment terminals need upgrades?
No, the biometric authentication takes place on the card itself, so there are no required changes to existing payment terminals or infrastructure.
When and where can consumers see the biometric payment cards?
Consumers can witness live demonstrations of the biometric payment cards at the Global Fintech Fest in Mumbai, specifically at booth K20-22-23.
