Swedish challenger bank to launch biometric payment cards with partners Idemia and FPC
Idemia has partnered with Swedish fintech and challenger bank Rocker to issue F.CODE biometric payment cards to the bank’s customers in a proof of concept during the first quarter of 2021.
The cards also feature Fingerprint Cards’ T-Shape sensor module to provide a smooth, touch-free payment experience, according to a company announcement.
The plan is to role the card out in mid-2021 following a success in the proof-of-concept stage, which is expected to conclude at the end of Q1. Rocker plans to offer the F.CODE biometric card among its retail financial services.
“As a bank challenger, we are constantly testing new technology to develop smarter financial services that are easier to use and that help our customers improve their everyday financial lives,” states Rocker Co-founder and Chief Product Officer Jonas Hultin. “We are moving at a high pace to provide new and attractive innovations to customers. Launching biometric F.CODE debit cards is part of our strategy to offer smart and secure payment solutions across platforms, whether you wish to pay with your mobile, a card or with a transfer. In doing so, we are first in Sweden and one of the first in the world to offer this payment technology for consumers.”
Idemia has also acquired Saudi Arabia’s International Smart Card Factory Company, known locally as Pcard, according to the announcement, expanding its footprint in the Middle East with a range of services, including card personalization, mobile banking and digital wallet technology, and instant card issuance.
Pcard also provides EMV chip migration consultancy, card inventory tracking and management. The company serves nine domestic banks.
Cashless point-of-sale transactions rose by 57 percent in Saudi Arabia last year, and contactless transactions are increasing even faster. Payment card issuance has been forecast to reach 6.4 million credit cards and 28 million debit cards by 2023, according to the acquisition announcement.
“Our acquisition of PCARD is highlighting IDEMIA’s longstanding belief in the economy of Saudi Arabia and the huge potential for growth in electronic payments,” comments Idemia Senior Vice President for MEA Financial Institutions Julia Schoonenberg.
“As a leader in payment card technology, this acquisition stems from our commitment to improve the lives of hundreds of millions of people by enabling trusted and secure access to financial services for everyone. We do this by providing innovative solutions that enable a unique, secure and convenient payment experience to the end consumer. With a professional management team that has intimate knowledge of the Saudi Arabian market, PCARD is the perfect fit for us.”
Idex Biometrics receives follow-on order from Tier 1 card manufacturer
Idex Biometrics, meanwhile, has received a follow-on volume order for TrustedBio fingerprint sensors from a Tier 1 global card manufacturer.
The sensors will be used in the card manufacturers next-generation biometric payment card, Idex says, which will be ready for financial institutions in early-2021. The company announced a volume order for TrustedBio in September.
“We are delighted to receive another volume order from a rapidly growing list of Tier 1 customers for our TrustedBio fingerprint sensors,” says Vince Graziani, CEO of Idex Biometrics. “It is clear the industry is recognizing that our TrustedBio fingerprint sensors and biometric solutions offer very compelling cost and performance benefits.”