IDEX Biometrics has received an initial order for IDEX Pay from a smart card manufacturing partner in Asia who will deploy biometric metal payment cards for their bank clients world-wide. Cards produced from this order are expected to reach customers during the first quarter of 2024.
With an annual production capacity of more than 30 million cards, this card manufacturer specialises in serving banks globally with a suite of full metal cards, and is certified by Visa, Mastercard and other major payment schemes.
With a total market size of 40 million cards in 20231, the metal card segment is expanding amongst premium customers across Europe (44% projected YoY growth) Latin America (61%) and the dynamic economies of Asia outpacing with 103%. 70% of millennials declare preferring metal cards2. Biometric metal cards are expected to revolutionize premium card programs, with strong demand from banks in APAC, Eastern Europe and South America.
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IDEX Biometrics differentiated and optimized reference design, IDEX Pay, is particularly well suited for metal cards. Additionally, IDEX Biometrics enables manufacturing partners with product and implementation guidelines.
“Bringing true innovation to the affluent customers banking segment will accelerate biometric metal card market penetration,” said Catharina Eklof, Chief Commercial Officer at IDEX Biometrics. “Premium banking customers seek seamless payments solution when travelling and in their daily lives. Smoother payments contribute to transaction and retention increase, critical to banks in today’s competitive payment landscape.”
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
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