IDEX Brings Biometric Payment Cards to Indian Market

IDEX Biometrics has announced the introduction of biometric payment cards to the Indian market, in collaboration with a global leader in payment services.

India, with over 1 billion payment cards in circulation and a strong history in biometric technology, is an ideal market for this innovation. Recent live testing of the IDEX Pay biometric payment cards with an Indian payment service partner has shown successful results, demonstrating that these cards can be implemented securely and efficiently across the country.

Research indicates that over 90 percent of affluent consumers in India are interested in biometric payment cards. As the Reserve Bank of India (RBI) explores secure digital payment methods, including biometric authentication, the payment landscape in India is poised for significant changes.

The biometric payment cards, which perform authentication directly on the card without needing any changes to existing payment infrastructure, offer a secure and convenient solution. The technology ensures that the cardholder’s biometric data remains on the card, providing high levels of security and privacy.

“We are committed to bringing more secure payment solutions globally, with India and South Asia in focus,” said Catharina Eklof, IDEX’s newly appointed Chief Executive Officer. “The user-friendly card solution from IDEX Biometrics supports acceleration of payment digitization in India, while ensuring that all aspects of market deployment are considered.”

This news comes after the announcement earlier this week that IDEX has secured Visa certification for its IDEX Pay biometric card solution, confirming that the technology meets Visa’s rigorous functional and security standards. The certification, achieved on August 26, 2024, paves the way for large-scale deployment within Visa’s global payment network, which encompasses over 3 billion cards.

The IDEX Pay solution integrates a proprietary card operating system, a fingerprint sensor, and Infineon’s secure SLC38 element. Already certified by Mastercard, IDEX Pay is advancing toward broader market adoption, positioning itself as a key player in the biometric payment card industry, with a focus on high-growth regions like APAC, Latin America, and Africa.

IDEX Biometrics is showcasing the solution at this week’s Global Fintech Fest in Mumbai, from August 28-30, 2024.

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August 29, 2024 – by Tony Bitzionis