Fingerprints partners with IN Groupe

With the biometric payment card solution, the two companies aim to provide producers with enhanced reliability, reduced costs, and simplified manufacturing processes for dual-interface and contactless cards. According to the press release, IN Groupe currently holds 25% of the dual-interface market globally outside China with its SPS solutions. Considering that biometric technology offers convenience and security for cardholders, biometric payments are gaining popularity, with the growth of the market being mostly attributed to technological advancements and global acceptance of contactless payment methods.

Representatives from Fingerprints stated that the partnership with IN Groupe further solidifies their company’s position as a provider of biometric solutions for payment cards. Moreover, officials confirmed that the collaboration supports IN Groupe in expanding its offering to provide issuers with a wider range of solutions to meet the complex requirements of card issuers. 

According to Idemia, global consumers are starting to adopt biometric payment cards due to their increased security and convenience, as they replace PIN code entry with the touch of a fingerprint sensor. Research shows that 74% of worldwide consumers have a positive attitude towards biometric technology, with younger generations and individuals from emerging economies being the most enthusiastic. Moreover, 84% of consumers have already used biometric authentication methods, most leveraging fingerprint biometrics (70%), while only 17% used iris biometrics. Saudi Arabia hosts the most consumers who want to switch from PIN codes to fingerprints when paying in-store (94%), with India and South Africa following close by, with 92% and, respectively, 86%.

The global biometric payment cards market size was valued at USD 93.64 million in 2022 and it is expected to reach USD 4790 million by 2030 with a CAGR of 75.5%. Despite this projected growth, privacy raises considerable concerns for consumers due to the sensitive nature of stored biometric data. This can potentially lead to identity theft or misuse, as well as security risks from cyberattacks.

With its operations based in Sweden, Fingerprints aims to provide a secure and simplified customer experience, with its solutions providing safe and convenient identification and authentication. At the end of February 2023, Fingerprints partnered with Flywallet to launch biometric wearable products across the European market. Through this collaboration, Flywallet’s wearable tools can integrate and feature Fingerprints’ biometric sensors, algorithms, and software. This enables the organisation to benefit from Fingerprints’ reduced power consumption and efficient performance sensors designed to be multifunctional while also enabling usage across a wide range of form factors. Moreover, the integration enhances the privacy and safety of European customers.