IDEX Biometrics to launch biometric payment cards in Europe

By Gloria Methri

IDEX Biometrics ASA is set to launch a biometric payment card program with a UK issuer and processor of EMV1-compliant payment cards.

This issuer is a B2B solution provider with a strong portfolio of FinTechs and banks across the UK, Europe, and North America. These biometric payment cards are estimated to reach consumers by Q1 2023.

IDEX Biometrics states that Europe is experiencing a continued increase in card transactions of 17.3%, reaching 56.3 billion in 2021, which represents a large and growing market potential2. The company is partnering with card solution providers in Europe and has recently partnered with a smart card manufacturer in the UK to enable this opportunity.

“We are excited to bring the IDEX Biometrics platform solution for biometric payments cards to the UK market. Market surveys confirm that 70% of UK consumers would use a biometric payment card, giving them additional peace of mind in times of increased contactless limits3. As we bring our proprietary and innovative technology platform to market, IDEX Biometrics contributes to more seamless digital payment experiences around the globe,” said Catharina Eklof, Chief Commercial Officer at IDEX Biometrics.

IDEX Biometrics provides fingerprint identification technologies to help people make payments, prove their identity, gain access to information, or unlock devices with the touch of a finger.

In August, the company announced a strategic partnership with Reltime, to jointly develop a Web3 biometric payment card, including cold storage and digital asset wallets, combined with digital identification. The plan was to offer several white-labelled B2B2C solutions, including Reltime’s FastTrack to Web3, which can be offered to financial institutions, telecommunications companies, FinTech firms, and other parties that wish to enter the Web3 space.