IDEX Biometrics to launch its solutions in South Asia

By entering a strategic collaboration with the challenger bank, IDEX Biometrics advances the opening of an additional market in the region, with the move being one of the first launches of biometric payment cards in South Asia at scale. Focusing on digitalisation, the bank aims to leverage biometric payment cards to accelerate its digital adoption. Additionally, biometric capabilities fit into the financial institution’s strategy of providing technologically innovative products, while also delivering responsible financial services and advancing economic progress.

Considering that Asia currently accounts for nearly 75% of all global payment transactions, card expansion is rapidly increasing in the APAC region due to consumers shifting their focus from cash toward digital payment methods. IDEX intends to further support the advancement of its strategy, with the company aiming to open biometric card markets across all of Asia. According to its representatives, the company focuses on providing simplified and secure payments to consumers as the region’s digitalisation journey continues. By merging its base of card manufacturers in South Asia with its IDEX Pay market customised implementation programmes, IDEX Biometrics aims to allow the accelerated adoption of biometric payments across the Asian market.

Prior to the current announcement, IDEX Biometrics partnered with a large smart card manufacturer in South Asia to deploy smart cards across the region and worldwide. Having a production capacity of 25 million cards monthly, the partner was set to support the firm in continuing its expansion and growth across Asia, the Middle East, Africa, and the US. Additionally, being accredited by Visa, Mastercard, and RuPay and having a client portfolio that includes banks, government agencies, telecom companies, transportation authorities, and corporate enterprises, the collaboration’s market position was intended to accelerate go-to-market of biometric payment and access cards. Based on IDEX Pay and IDEX Access, the biometric smart cards are projected to go on the market by the end of 2024.

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