Idex receives initial order for biometric metal payment cards
Idex Biometrics has announced it has received an initial order for Idex Pay from an Asia-based smart card manufacturer for the production of biometric metal payment cards.
The cards will be distributed to the manufacturer’s bank clients around the world and will reach customers during the first quarter of next year.
The smart card manufacturer has an annual production capacity of over 30 million cards. It is certified by Visa, Mastercard and other major payment networks.
Idex claims its Pay platform is particularly well suited for metal cards, and notes that it provides manufacturing partners with product and implementation guidelines.
“Bringing true innovation to the affluent customers banking segment will accelerate biometric metal card market penetration,” says Idex CCO Catharina Eklof. “Premium banking customers seek seamless payment solutions when traveling and in their daily lives. Smoother payments contribute to transaction and retention increase, critical to banks in today’s competitive payment landscape.”
In 2023, the metal card market size is at 40 million cards. Demand is expanding, with Europe seeing a 44 percent projected year-over-year growth, Latin America seeing 61 percent, and Asia seeing 103 percent, according to research from ABI referenced in the announcement. Seventy percent of millennials say they prefer metal cards.
The deal is Idex’ second to supply biometrics in a month, following an agreement with South Korean card-maker Kona.