Oslo, Norway, August 28, 2024 – IDEX Biometrics, together with a global leader in payment services, is introducing biometric authentication for payment cards to the Indian market. India has more than a billion payment cards in circulation and has been a pioneer in biometrics for many years.
Live user experiences and technology testing of IDEX Pay’s biometric payment cards were conducted with our Indian payment service provider and delivered excellent results, proving that biometric payment cards can be deployed seamlessly and securely across India. Recently published research1 shows that more than 90% of affluent consumers in India want biometric payment cards.
The Reserve Bank of India (RBI) is driving secure digital payments and is currently consulting with Indian banks to mandate alternative methods of multi-factor authentication for digital payment transactions. This includes biometric authentication and particularly fingerprints. The payments landscape in India is set to change.
With the opportunity to expand contactless payments from currently only 16%, the biometric card represents a new secure and convenient payment solution for India. Biometric authentication is done directly on the payment card, no changes to existing payment terminals and infrastructure are required. Equally important, IDEX Pay technology ensures that the cardholder’s biometric data never leaves the card, guaranteeing the highest level of security and privacy for the consumer. IDEX Biometrics will be present at the Global Fintech Fest in Mumbai from August 28-30, 2024 for live demonstrations. You are welcome to visit us at our booth K20-22-23.
“We are committed to providing more secure payment solutions globally, with a focus on India and South Asia. IDEX Biometrics’ easy-to-use card solution will help accelerate payment digitization in India while ensuring that all aspects of the go-to-market are addressed,” said Catharina Eklof, Chief Executive Officer of IDEX Biometrics.
1 Arlington Research for IDEX Biometrics, August 2024
For further information please contact:
Marianne Bøe, Head of Investor Relations
E-mail: [email protected]
Phone: + 47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, providing authentication solutions for payments, access control and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Our biometric solutions are based on patented and proprietary sensor technologies, integrated circuit designs and software and target card-based applications for payments and digital authentication. As an industry leader, we partner with leading card manufacturers and technology companies to bring our solutions to market.
For more information, see www.idexbiometrics.com
TRADEMARK DECLARATION
IDEX, IDEX Biometrics and the IDEX logo are trademarks of IDEX Biometrics ASA. All other trademarks or product names are the property of their respective owners.
Regarding this note:
This announcement was issued by Marianne Bøe, Head of Investor Relations, on August 28, 2024 at 09:00 CET on behalf of IDEX Biometrics ASA.
