Idex books $1M order for biometric payment card tech as vendors anticipates gains

A volume production order worth close to $1 million has been placed with Idex Biometrics for the company’s Pay authentication technology. The order was placed by a customer described as a leading European manufacturer working on biometric payment cards.

Idex Pay is made up of biometric operating system software and sensors. The order will go to produce biometric payment cards for banks in Bangladesh, India and Turkey, according to the announcement.

“This order is another validation of strong market demand and rapid acceleration, in line with recent announcements of banks across Europe and Asia launching biometric payment cards. Market research indicates strong consumer appetite for biometric payment cards, with over 80 percent of consumers globally confirming interest and willingness to pay,” states Vince Graziani, CEO of Idex Biometrics.

Idex booked total revenues of $4 million in full-year 2022 after reporting revenue of $2.8 million in 2021. Since then, the company has been raising money and signing more deals.

Vendors anticipate scale-up

Linxens VP of Payments Product Marketing Thomas Decker said in an analysis presented during the recent Contactless World Congress that his company expects a wider variety of card types to compete for space in people’s wallets, reports NFCW.

Decker compared biometric cards to metal cards and those with dynamic CVVs, displays and LEDs.

He expects biometric cards to fight for niches that could have volumes of “a couple of hundred million cards out of a complete market of 3 billion.”

Zwipe CEO Robert Puskaric argues that 2023 appears to be the year in which biometric payment cards are rolled out at scale.

He refers to internal industry expectations that contactless cards will have 90 to 95 percent penetration by 2026. This creates a huge opportunity for fingerprint biometrics to provide the necessary security without replacing POS infrastructure.

Article Topics

biometric cards  |  biometric payments  |  biometrics  |  fingerprint sensors  |  Idex Biometrics  |  Linxens  |  Zwipe