IDEX Biometrics introduces biometric payment cards in India

Oslo, Norway, 28 August 2024 – IDEX Biometrics is bringing biometric authentication onto payment cards for the Indian market, together with a worldwide leader in payment services. India boasts more than 1 billion payment cards in circulation and has been a frontrunner in biometrics for many years.

Live user experience and technology testing for the IDEX Pay biometric payment cards has been conducted with our Indian payment service partner, giving excellent results, and proving that biometric payment cards can be deployed in a seamless and secure manner throughout India. Newly published research¹ indicates that more than 90% of affluent consumers in India want biometric payment cards.

The Reserve Bank of India (RBI) is driving out secure digital payments and is in consultation with Indian banks to mandate alternative multi-factor authentication methods for digital payment transactions. This includes biometric authentication and specifically fingerprints. The payment landscape in India is set to change.

With an opportunity to grow contactless payments from current low adoption levels of 16%, the biometric card represents a new secure and convenient payment solution for India. The biometric authentication is performed directly on the payment card, no change to existing payment terminals and infrastructure is needed. Equally important, the IDEX Pay technology ensures cardholder’s biometric data never leaves the card, confirming highest level of security and privacy for the consumer. IDEX Biometrics will be present at the Global Fintech Fest in Mumbai on August 28-30, 2024 for live demonstrations, you are welcome to join us at booth K20-22-23.

“We are committed to bringing more secure payment solution globally, with India and South Asia in focus. 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,” says Catharina Eklof, Chief Executive Officer of IDEX Biometrics.

¹ Arlington Research for IDEX Biometrics, August 2024

For further information contact:
Marianne Bøe, Head of Investor Relations
E-mail: [email protected]
Tel: + 47 918 00186

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
For more information, visit www.idexbiometrics.com

TRADEMARK STATEMENT
IDEX, 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.

About this notice:
This notice was issued by Marianne Bøe, Head of Investor Relations, on 28 August 2024 at 09:00 CET on behalf of IDEX Biometrics ASA.