China UnionPay awards Letter of Approval to biometric card showcasing IDEX Biometrics’ technology
Oslo, Norway, 18 May 2020: IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions, is proud to announce that China UnionPay has issued a Letter of Approval (LOA) for a biometric payment card that contains IDEX’s fingerprint sensor and distributed matcher.
The LOA is the formal acknowledgement by China UnionPay that a product or service demonstrated compliance to all relevant requirements. This enables world-wide interoperability with ATMs and point of sales (POS) terminal as well as durability, reliability and security assurance.
According to China UnionPay, we always support and accept the technological innovation of payment products and continue to pay attention to the combination of biometric technology and payment. This is the first biometric card certification issued by China UnionPay, which will provide more choices for card-based payment and meet the needs of personalized and diversified payment use case scenarios.
“The importance of certification and LOA cannot be overstated. Meeting stringent specifications and standards to ensure global interoperability is key in defining the growth trajectory of the biometric payment cards market,” said Phil Sealy, Research Director, Digital Security at ABI Research. “This is a significant market milestone, not just in terms of application security and performance requirements, but the fact that certification and LOA must be met in order for the biometric card to move into the mass market issuance phase”.
“CUP is the largest payment network in the world, supporting more than half of all cards issued on the global brand networks. This LOA is a critical step to driving mass adoption in China. IDEX and our partners are now approved for deployment in the world’s largest market for payment cards,” said IDEX CEO, Vince Graziani.
For further information contact:
Marianne Bøe, Investor Relations
Tel: + 47 918 00186
Derek D’Antilio, Chief financial Officer
Tel: +1 197 827 31344
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow on Twitter @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act