IDEX, Hengbao partner to introduce biometric cards across the Asian market
Chinese card company Hengbao announced a partnership with IDEX Biometrics to introduce contact-based biometric smart cards across the Asian market, with future plans to trial dual-interface cards.
Hengbao supports cards for multiple payment network specifications, including Mastercard, China Union Pay, VISA, and JCB. According to ABI Research, the total volume of shipped smart card for payments in Asia in 2017 was 1.3 billion cards. The annual volume is expected to increase to 1.8 billion cards by 2022.
“This is one of the most significant technologies to enter the smart card market in the past 10 years and will make the common payment card exciting again,” commented Stan Swearingen, CEO of IDEX Biometrics. “The increasing popularity of card payments in Asia, in conjunction with the growing preference towards biometrics, has created the perfect storm for this partnership with Hengbao, a very influential player in the Asian market.”
Simon J Qian, CEO of Hengbao added, “We are excited to take this first step for contact-based biometric smart payment cards with IDEX Biometrics in the Asian market and look forward to announcing trials in the near future. Not only will this be an industry first for the market, but it is the perfect solution to address growing consumer demand for greater authentication to facilitate card-based payments.”
According to IDEX’ first half 2018 report, the company anticipates volume orders of its sensors for biometric cards now that it has passed all certifications and is ready for shipments.