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Card deals add up for Idex with new issuers in payments, civil ID

Patent volume shows pace of innovation in transaction authentication
Card deals add up for Idex with new issuers in payments, civil ID
 

Idex Biometrics has reached a deal with Malaysia-based smart card integrator MCS Microsystems to supply fingerprint sensors for biometric cards used in applications outside of payments.

The deal expands Idex’ presence in Southeast Asia, the company says, with MCS planning to bring the new cards to market for customer in the region, plus North America and Europe, in the fourth quarter of this year.

MCS has provided smart card technology for more than 30 national ID projects serving 50 million users globally, mostly in civil identification and healthcare, according to the announcement.

“Our partnership with MCS will help drive our advanced biometric card solutions into new segments and industries,” states Catharina Eklof, CCO of IDEX Biometrics. “The identity access management market is estimated to reach $53 billion by 2026, and our joint solution with MCS positions us well in this emerging market.”

Chas Yap, managing director of MCS, says the company is focussing on electronic passports and multi-application ID cards.

Idex has also added fourth issuer in Turkey, to supply fingerprint technology for biometric payment cards, as in its other deals in the Turkish market.

The unnamed challenger bank customer has over 10 million customers, according to the announcement. The customer is expected to start issuing biometric payment cards in the first quarter of 2024.

The company notes that Turkey’s contactless payments market has an annual purchase volume of $216 billion.

GlobalData analyses pace of innovation in biometric payments

Market research firm GlobalData has analyzed the supply side of the market for cybersecurity in card authentications by examining the patent landscape.

Biometric payments are identified as an area of accelerating innovation, while biometric verification of payers and payees is identified as a maturing technology area. Voice-based authentication, also using biometrics, is likewise considered a maturing segment.

There have been more than 92,000 patents either filed or granted that relate to the banking industry over the past three years, according to GlobalData. Many of them come from the 50 companies the research firm identified as being engaged in biometric payments.

While many of Mastercard’s patent applications are outside of biometrics, the payment processor stands out among filers for innovations in card transaction authentication, the report says. Within biometric payments, SoftBank Group is singled out for its 231 patent applications filed.

Idex has filed for 33 patents related to biometric payments, by GlobalData’s count.

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