Idex supplies sensors for biometric payment cards coming to Turkey, Web3
Idex partnered with card manufacturer E-Kart earlier this year to bring cards with fingerprint biometrics to issuers in Eastern Europe and Turkey. The cards also feature security controllers from Infineon.
The cards are expected to reach consumers in Turkey, where 240 million cards are in circulation, by the first quarter of 2023.
“A recently published market survey commissioned by Idex Customer Lab, reveals 86 percent of consumers in Turkey consider biometric payment cards very convenient, and 82 percent would use a biometric payment card if it were available to them,” says Catharina Eklof, CCO at Idex Biometrics. “As we expand the reach of our proprietary and innovative technology, we contribute to enhancing digital banking experiences and securing digital authentication across a variety of payment and digital authentication use cases.”
Biometric payment cards have been issued for a general roll-out in France and Switzerland, piloted elsewhere in Europe and in Middle Eastern countries including Jordan and Lebanon, leaving Turkey somewhat conspicuous by its absence.
Web3 card from Reltime
A Web3 biometric card Reltime announced recently as part of its $50 million funding round will use technology from Idex under a new strategic development partnership.
Idex is providing the biometric sensor for the EMV-compliant card, which works with Reltime’s global Web3 financial ecosystem’s “check-out” feature, which the company says in the announcement is unique.
The fingerprint-enabled card is expected to reach the market in the first half of 2023.
The Web3 cards feature cold storage and digital identity capabilities for broader intended use than biometric payment cards issued by financial institutions, like the one above.
“Reltime is delighted with this new strategic collaboration with Idex Biometrics,” says Peter Michel Heilmann, CEO of Reltime. “We see unlimited potential and opportunities by bringing this important, biometric, Web3 feature to Reltime’s Layer 1, Proof of Authority ecosystem in 150 countries. With this truly unique card, we are, in fact, solving three of today’s challenges facing our global financial tribe of people and businesses—cold storage, payments and identity—giving them peace of mind from being hacked, scammed, or ripped off. The card also fits perfectly in our FastTrack to Web3 offering, providing companies with thousands of clients and large organisations with millions of customers the opportunity to enjoy the same benefits that Reltime’s current global, trusted, high-performance, Web3 platform is bringing to market.”
Biometrics providers are rapidly engaging with Web3 technologies and market opportunities.
“The Idex Biometrics collaboration with Reltime creates new opportunities for payment cards and digital authentication, bringing additional markets and new revenue streams,” says Vince Graziani, CEO of Idex Biometrics.