IDEX Biometrics ASA introduced a biometric payment card program in collaboration with a UK issuer and processor of EMV1-compliant payment cards.
This issuer is a B2B solution provider with a diverse portfolio of FinTechs and banks in the United Kingdom, Europe, and North America. These biometric payment cards are expected to reach consumers in the first quarter of 2023.
According to IDEX Biometrics, Europe is undergoing a 17.3% increase in card transactions, with 56.3 billion expected in 2021, indicating a large and growing market potential2. To enable this opportunity, the company is partnering with card solution providers in Europe and has recently partnered with a smart card manufacturer in the United Kingdom.
Catharina Eklof, Chief Commercial Officer at IDEX Biometrics, stated, “We are excited to bring the IDEX Biometrics platform solution for biometric payments cards to the UK market. Market surveys confirm that 70% of UK consumers would use a biometric payment card, giving them additional peace of mind in times of increased contactless limits3. As we bring our proprietary and innovative technology platform to market, IDEX Biometrics contributes to more seamless digital payment experiences around the globe”.
To transfer money, establish identity, obtain information, or unlock gadgets simply with the swipe of a finger, IDEX Biometrics offers fingerprint identification technologies.
In August, the company announced a strategic partnership with Reltime to create a Web3 biometric payment card with cold storage and digital asset wallets, as well as digital identification. The plan was to provide several white-labeled B2B2C solutions, including Reltime’s FastTrack to Web3, to financial institutions, telecommunications companies, FinTech firms, and other parties interested in entering the Web3 space.
Read: Mastercard, Marqeta, and Branch Introduced Uber Pro Card