Idex biometric payment cards order shows signs of life, but role is niche

A release from Idex Biometrics says it has received a production order for biometric payment cards from Japanese manufacturing partner Beautiful Card Corporation (BCC). The order is worth roughly US$50,000 and is “the first of a larger biometric payment card program issued across both Mastercard and Visa for the Japanese market.”

Catharina Eklof, Chief Executive Officer at Idex Biometrics, says “BCC is a clear front-runner, with a commitment to bring biometric smart cards to customers and partners world-wide, for payment and access cards. As Idex and BCC already have material ready for production, we have been able to respond to our partners’ imminent implementation program.”

Idex has been staggering fiscally after a loss on receivables from a claim of $600,000 against Zwipe, which pushed that company into bankruptcy when it was upheld by an arbitrator. A quarterly report from Q4 2024 states that “the Company’s liquidity is constrained and as of December 31, 2024, more than half of Idex’s share capital was lost.”

In its recent biometric payments report, Goode Intelligence says it has “previously been bullish on the prospects for biometric payment cards,” citing strong consumer demand for touchless technology in the wake of COVID-19 and a general shift towards biometrics for payment. “However, high levels of adoption have not been seen and GI has created more conservative forecasts for this technology. A combination of high production costs, certification delays, and enrollment challenges has meant that they are currently a more niche part of the payment portfolio.”

According to GI, for payment cards to get back in good standing, “card issuers need to buy into the idea that biometric payment cards are viable.” Viability means meeting stringent payment scheme card certification, being cost effective, reliable and scalable, and having biometric sensors that are inexpensive, efficient, accurate and compliant.

Goode Intelligence forecasts that there will be just over 90 million biometric payment cards issued by 2030.

Article Topics

biometric cards  |  biometric payments  |  fingerprint sensors  |  Goode Intelligence  |  Idex Biometrics