Idex’ focus on Asian biometric smart card market nets another partner

Idex Biometrics has been moving aggressively into the Asian market for biometrics payment and smart cards, announcing a new manufacturing partner just weeks after revealing a deal to supply Idex Pay to Bangladesh’s Mutual Trust Bank.

Chief Commercial Officer Catharina Eklof tells Biometric Update in an email that Idex’ deal with Mutual Trust represents a big opportunity, as it is one of the country’s top 10 banks.

Debit card transactions increased by 50 percent last year in Bangladesh, Eklof says, and the potential for growth as unbanked people enter the formal financial system is enormous. Idex Pay is certified by Mastercard, but Eklof declined to confirm the payment network the cards issued by Mutual Trust will use.

“Bangladesh is an example of a very innovative growth market showing strong interest in advanced technology and biometrics, supported by government-led digitization initiatives such as ‘Smart Bangladesh’,” Eklof explains.

The demand for biometric payment cards in the region is driven by the combination of security and convenience, according to Eklof. “Additionally, the innovation factor is important too, particularly premium and tech-savvy groups aspiring to benefit from the latest technology.”

The premium segment is the initial driver of demand for biometric payment cards, Eklof says, citing the example of metal cards.

“Biometric smart cards allow for more seamless, secure, and inclusive methods of finance management and are also a direct response to regulatory requirements such as the Payment Service Directive (PDS3) in the EU or Consumer Duty regulations in the UK,” Eklof says. “Biometrics also provide inclusive payment solutions for elderly, visually- or memory impaired, and other digitally excluded groups.”

She also notes increasing market opportunities for biometric payments and access control in other geographies including Japan, Korea, India, the U.S. and Eastern Europe.

New manufacturing partner

Idex has also partnered with a South Asian smart card manufacturer the company says is one of the largest in the region. The new Idex partner is certified by Visa, Mastercard, and RuPay, and has a monthly production capacity of 25 million cards. It has clients among banks, government agencies, telecom companies, transportation authorities, and corporate enterprises, Idex says, and issues cards not just in Asia, but globally.

The manufacturing partner will make biometric smart cards based on both Idex Pay and Idex Access for market launch by the end of this year.

“The recognized technology expertise in smart card manufacturing from this innovative partner will further strengthen our positioning and bank reach in South Asia, with a growing market opportunity across both payment and access card solutions,” Eklof says in the announcement.

Article Topics

Bangladesh  |  biometric cards  |  biometric payments  |  biometrics  |  fingerprint sensors  |  Idex Biometrics