IDEX Biometrics and M-Tech to scale Biometric Payment Cards in India
November 30 2022 - 2:00AM
IDEX Biometrics and M-Tech to scale Biometric Payment Cards in
India
Oslo, Norway and Pune, India - 30
November 2022 - IDEX Biometrics ASA is bringing
biometric payment cards to the Indian market, in partnership with
technology provider M-Tech Innovations Ltd. The biometric payment
cards are expected to reach the market in 2023.
This partnership will provide banks and other
smart card issuers with biometric card solutions for the Indian
market, a front runner in biometric authentication. India is one of
the world’s fastest growing payment card markets with close to 1
billion cards issued annually, and with 5 million acceptance
locations1.
M-Tech is certified by RuPay, Visa and
Mastercard, offering high tech end-to-end smart card solutions for
financial payments, access control, and government identification.
The biometric solution is based on IDEX Biometrics TrustedBio
sensor module, powered by SLC38 from Infineon Technologies. The
companies will co-develop innovative solutions for fingerprint
registration, tailored to the Indian market.
Catharina Eklof, Chief Commercial Officer of IDEX Biometrics,
says, “The Indian market represents a very large opportunity for
biometric payment cards. Consumers in India are used to biometric
authentication via the Aadhaar biometric program. The fingerprint
solution from IDEX Biometrics uses encrypted biometric technology
which never leaves the card, ensuring speed and reduced risk of
hacking. We are delighted that millions of customers will be able
to benefit from secure and seamless payments through the IDEX
Biometrics collaboration with M-Tech.”
”The booming smart card market in India represents an excellent
opportunity 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 are confident in IDEX Biometrics technology leadership and
innovation power to accelerate market adoption for the benefit of
consumers across India.”
1Reserve Bank of India, 2022For further information
contact:Marianne Bøe, Head of Investor Relations
E-mail: marianne.boe@idexbiometrics.com Tel: + 47 918
00186
About IDEX BiometricsIDEX Biometrics ASA (OSE:
IDEX and Nasdaq: IDBA) is a leading provider of fingerprint
identification technologies offering simple, secure, and personal
authentication for all. We help people make payments, prove
their identity, gain access to information or unlock devices with
the touch of a finger. We invent, engineer, and commercialize these
secure, yet incredibly user-friendly solutions. Our total
addressable market represents a fast growing multi-billion-unit
opportunity.For more information,
visit www.idexbiometrics.com
About M-TechM-Tech Innovations Limited is a
VISA, MASTER Card, RuPay, ISO 9001:2008, TS 16949:2002, ISO/ IEC
20000:2018, CMMI level 3, ISO 14001:2015, IATF 16949 certified
company based in Pune, India. Mtech offers wide range of
manufacturing all types of Smart Cards & Smart Card based
Application, Automotive Dials solution and RFID end to end
solution. Today, Mtech is one of the leading suppliers of Smart
Card in India and provide customized solutions based on specific
requirements to all segments like Banking, Government, Corporate,
etc
For more information, visit www.m-techindia.com
TRADEMARK STATEMENTIDEX, TrustedBio, IDEX
Biometrics and the IDEX logo are trademarks owned by IDEX
Biometrics ASA. All other brands or product names are the property
of their respective holders.
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