Oslo, Norway and Pune, India – November 30, 2022 – IDEX Biometrics ASA has partnered with technology provider M-Tech Innovations Ltd to bring biometric payment cards to the Indian market. Biometric payment cards are expected to hit the market in 2023.
The partnership will provide banks and other smart card issuers with biometric card solutions for the Indian market, a front-runner in biometrics. India is one of the fastest growing payment card markets in the world, with nearly 1 billion cards issued each year and 5 million acceptance locations.1.
Certified by RuPay, Visa, and Mastercard, M-Tech provides high-tech end-to-end smart card solutions for financial payments, access control, and government identification. The biometric solution is based on Infineon Technologies’ IDEX Biometrics TrustedBio sensor module with SLC38. The two companies will jointly develop an innovative fingerprint registration solution tailored to the Indian market.
Catharina Eklof, Chief Commercial Officer, IDEX Biometrics, said: Indian consumers are accustomed to biometric authentication through the Aadhaar Biometrics Program. IDEX Biometrics fingerprint solutions use encrypted biometric technology that never leaves the card to ensure speed and reduce the risk of hacking. We are delighted that millions of customers can now benefit from secure and seamless payments through our collaboration with IDEX Biometrics and her M-Tech. ”
“The burgeoning smart card market in India presents a great opportunity for IDEX Biometrics’ biometric card solutions,” said VM Gandhi, Chairman of M-Tech. “The demand for biometric smartcards is strong and growing. Adapting the onboarding and enrollment process to the Indian market is critical, and IDEX Biometrics’ technological leadership and innovation power will enable it to reach consumers across India. We are confident that we can accelerate market adoption to the benefit of
1Reserve Bank of India, 2022
For more information, please contact:
Marianne Bøe, Head of Investor Relations
Phone: +47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and Nasdaq: IDBA) is a leading provider of fingerprint identification technology that provides simple and secure personal authentication for everyone. We empower people to pay, prove their identity, access information and lock their devices with the touch of a finger. We invent, design and commercialize these secure yet incredibly user-friendly solutions. The total market we serve represents a rapidly growing multi-billion opportunity.
For more information, see: www.idexbiometrics.com
M-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 accredited company located in Pune, India. Based.
Mtech offers a wide range of manufacturing all kinds of smart cards and smart card-based applications, automotive dialing solutions, RFID end-to-end solutions. Today, Mtech is one of the leading smart card suppliers in India, providing customized solutions based on their specific requirements to all segments such as banking, government and enterprise.
For more information, see: www.m-techindia.com
IDEX, 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 owners.