Next Biometrics to deliver 23K fingerprint sensors for India’s fintech market
A non-binding Letter of Intent (LOI) has been signed by Next Biometrics and Indian POS and token hardware supplier Pagaria Group to bring fingerprint biometrics to the country’s fintech market. The deal includes an initial purchase order for 4,650 fingerprint sensors.
The overall, estimated volume of the LOI amounts to 13,000 sensors to be integrated into payment Point of Sales (POS) devices and an additional 10,000 to be integrated into biometric Bluetooth readers in India.
“We are pleased to announce this LOI and initial commercial order with Pagaria Group,” commented Next Biometrics CEO Peter Heuman.
The partnership with Pagaria Group also fits in Next Biometrics’ support of the ‘Digital India Program’.
“[It is also] another important step for Next enabling smart and slim biometric payment and fintech products that require a high degree of security,” Heuman added.
The devices integrating the new sensors will be deployed in the course of 2021 by an unnamed bank in India, which will focus on providing door-step digital services to citizens.
“Pagaria’s outstanding solutions capabilities in the fintech market together with Next’s unique fingerprint sensor technology brings the right solutions and products to capture the on-going significant growth of mobile financial solutions in India,” said Ankush Pagaria, CEO of Pagaria Group.
Moving forward, Next said it will continue to improve its biometric solutions in the fintech space.
“We continue to keep our ears close to the market while digitalization in the Payment & Fintech space is developing around the world,” Heuman concluded.