The goal of this collaboration is to facilitate the production of biometric smart cards through the comprehensive SECORA Pay Bio turnkey solution. This solution incorporates Fingerprints’ FPC1323 sensor with its biometric software algorithm and Infineon's upcoming SLC39B Secure Element. It also includes a pre-certified Java Card operating system with Mastercard and Visa bio-applets.
The biometric smart card manufacturing process is simplified thanks to Infineon’s Biometric Coil on Module (BCoM) package based on inductive coupling technology. Moreover, the new process also significantly reduces the bill of material used in the creation process. Manufacturers can still rely on their existing card manufacturing equipment for the production of biometric payment cards but can now scale up their volume production.
According to abiresearch.com, companies that develop biometric payment cards should continue to research ways to further reduce costs by identifying the components and processes that inflate the margin and finding new methods that keep costs minimized. ABI experts also believe that companies looking to issue these cards should understand exactly who their target audience should be, how they can market their product, and when should they begin to raise awareness for it.
The same source indicates that Europe and Asia-Pacific could issue as many as 8 million units between the two regions by 2024 in a conservative scenario, while a more aggressive scenario would suggest 55 million shipments in 2024. By comparison, North America is expected to ship between 20,000 and 180,000 units in the same year.
According to grandviewresearch.com, the global biometric payment cards market size was valued at USD 75.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 62.3% from 2022 to 2030. The growth can be attributed to technological improvements and the global acceptance of the contactless payment method.
These cards allow users to verify their identities and pay for products and services by placing a finger on the card's sensor and tapping the card at a terminal. One of their main advantages is the user is not required to enter a PIN code during payment at a point of sale (POS) terminal. This means that these cards can offer more convenient payment experiences without the need for low transaction limits.
In essence, with biometric cards, users no longer need to worry about card skimming, lost or stolen cards, or remembering their PIN numbers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now