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FPC signs up biometric payment card manufacturer in India

Company looks at tapping into Latin America’s growing market
FPC signs up biometric payment card manufacturer in India
 

Fingerprint Cards (FPC) has entered a new partnership with Indian smart card manufacturer Seshaasai to bring its biometric payment cards to issuers in the Asian market.

The contract will see the development, launch, and marketization of FPC’s biometric cards in the APAC region.

The cards manufactured as part of the new agreement will reportedly feature FPC’s T-Shape fingerprint biometric module and software platform.

“We selected Fingerprints’ biometric solution as they have the leading technology in the market,” commented Seshaasai Founder Director Pragnyat Lalwani.

The latest biometric payment card technology by FPC is among the most effective on the market, featuring accurate biometric performance and low power consumption, the company says.

“Introducing biometric payment cards offers great benefits for banks, merchants, and consumers alike, as contactless payments in India and APAC continue to grow quickly, especially in the post-Covid world,” Lalwani added.

Exploring potential of payment cards in Mexico

BBVA Mexico was the first bank in Latin America to launch a contactless biometric payment card in collaboration with Visa last June.

According to Gilles Roux, head of Strategic Partnerships, Business Operations Americas, Payments Solutions at FPC, the move would suggest an imminent growth in the adoption of biometric payment cards in the region.

Writing in a blog post on the company’s website, Roux initially highlighted how Latin America has historically seen relatively high unbanked or underbanked populations up until 2018.

However, according to the FPC executive, this phenomenon has been waning in the past few years, with the proportion of unbanked citizens in the region dropping substantially.

With more individuals owning a bank account, and banks progressively adopting contactless technologies, the potential for biometric payment card manufacturers is substantial.

“Biometric cards present significant opportunities for consumers, banks, and merchants, enabling the next generation of convenient, secure, and hygienic in-store purchases,” Roux explained.

“As the region aspires to maintain momentum, biometric payment cards can be a powerful asset in the decision maker’s toolbox, and it would be no surprise that BBVA Mexico is the first in a long list of Latin American banks offering this stunning innovation to their customers.”

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