Idex Biometrics ships TrustedBio integrated biometric card solution and plans for mass market launch in 2020
Idex Biometrics has begun shipping its TrustedBio biometric-system-on-chip (BSoC) family of dual interface products for biometric smart cards, the company announced.
The company says it is on track to roll out multiple biometric smart card solutions for the mass market beginning this fall, after testing and integration. Product launches will be in collaboration with a Tier 1 smart card manufacturer, and several other partners in Europe and Asia.
TrustedBio was launched in February with the promise of significantly lowering manufacturing costs for fingerprint-enabled payment cards. Idex says it also improves the performance, security, and simplicity of manufacturing biometric cards.
Idex says its product suite works with both current and next-generation EMV chips. The first cards in use with TrustedBio technology will be for customer pilots planned for early in the fourth quarter of 2020, with mass production following shortly after.
“The successful introduction of TrustedBio signifies that IDEX has delivered on a previously announced major milestone. With this expansion of our portfolio, we are enabling a price point for potential demand in the hundreds of millions of cards from issuers and manufacturers. The improvement in card cost structure is disruptive and will propel the adoption of biometric cards by bringing the cost closer in line with the cost of standard dual interface cards,” comments Vince Graziani, Chief Executive Officer, Idex Biometrics ASA.
Graziani and Idex Biometrics CFO Derek D’Antilio also presented at a recent Virtual Investor Conferences event, hosted by the OTCQB Venture Market.
The company provided a 22-page report on its progress in the emerging market for biometric smart card in payments and other segments.
While payments represents a market opportunity of $5 billion or more for Idex, the other verticals, including government and healthcare, transport, access, and ‘retail and other’ could make up a $2 billion market for the company, based on estimated card shipments in 2023.
The report also details the advantages Idex Biometrics sees in its off-chip sensing approach, in terms of sensor area and cost, and the impact of TrustedBio on manufacturing costs.