The move comes amidst a notable surge in credit card fraud, which has risen by 30% annually to USD 294 million, prompting banks to seek advanced solutions such as biometric smartcards, particularly those made of metal. KONA I anticipates that banks will start offering these high-tech biometric cards to consumers in the latter half of 2024.
Responding to the increasing demand for cybersecurity solutions from various sectors, KONA I and IDEX Biometrics will launch cutting-edge secure ID and biometric payment card solutions. Their smart card platform promises end-to-end authentication focused on digital security, compatible with standard protocols like FIDO2, and tailored for optimal customer experiences and security.
Headquartered in South Korea, KONA I is a global leader in smart card technology, boasting an annual production capacity of over 60 million cards. The rapidly expanding Japanese market is projected to account for 30% of KONA I's business by 2025.
Asia, including Japan, leads in fingerprint biometric innovation for payments, particularly with a high adoption rate of contactless payments. Credit cards dominate cashless payments in Japan, with the market expected to grow at an 8% CAGR, reaching USD 870 billion by 2028.
Representatives from KONA Japan, a subsidiary of KONA I, expressed enthusiasm about the partnership with IDEX Biometrics, emphasizing the robust demand for biometric smart cards in Japan, especially among affluent customers seeking top-notch security and user experiences. IDEX Biometrics, echoed the sentiment, highlighting the alignment of their technology innovations with Japan's cybersecurity needs.
Through this collaboration, both companies aim to address the increasing demand for seamless payments and smart card solutions in Japan, empowering banks to differentiate themselves and foster customer loyalty and trust.
About the companies
IDEX Biometrics is a global player in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity, aimed at delivering convenience, security, and seamless user experiences.
KONA I is a global smart card and technology platform provider headquartered in South Korea, specializing in smart cards, payment solutions, and services for the financial, banking, and public sectors, with a focus on contributing to society through technology and innovation in critical security areas like IoT, smart cards, and authentication.
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