Companies set to launch biometric payment cards in India

IDEX Biometrics and KL HI-TECH have partnered to bring biometric payment cards to the Indian market.

According to an announcement published by MENAFN via GlobeNewsWire, KL HI-TECH holds certifications in variISO classes.

Accredited by Visa, Mastercard and RuPay, the company has an annual production capacity of 36 million dual-interface payment cards.

The company’s client portfolio includes large banks across India and Asia.

“Immense potential for biometric payment cards”

P Srinivas Rao, Chairman & CEO, KL HI-TECH said: “The convergence of a thriving smart card market and the rapid adoption of biometrics in India presents a remarkable opportunity for biometric cards.

“We anticipate swift growth in the biometric payment card market and have full confidence that IDEX Biometrics technology leadership, innovative capabilities and go-to-market strategy will drive market adoption to the advantage of consumers throughout India and Asia.

“India leads the world in biometric authentication solutions for digitalisation and boasts one of the fastest-growing payment card markets globally, with nearly one billion cards in circulation,” added Catharina Eklof, Chief Commercial Officer, IDEX Biometrics.

“The Indian market holds immense potential for biometric payment cards and KL HI-TECH’s robust market positioning and extensive bank and issuer portfolio will further bolster its growth.”