IDEX at the forefront of large-scale market opportunity for biometric cards
IDEX at the forefront of large-scale market opportunity for biometric cards
Oslo, Norway, 12 May 2017 – IDEX, a leading developer of advanced fingerprint solutions, is experiencing strong momentum towards commercialisation of its sensor solutions for cards.
On 20 April, Mastercard unveiled their next generation biometric card, featuring IDEX’s flexible off-chip fingerprint sensor.
Dr. Hemant Mardia, CEO of IDEX commented, “We are extremely pleased to be partnering with global pioneers in the development of safe and secure transaction environments for consumers across the world. Our end-to-end partnership has achieved first mover advantage in the mass market for biometric cards, which represents a billion unit opportunity.”
Mastercard recently concluded two end-user trials in South Africa with Pick n Pay, a leading supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa. The trials included employees from Pick n Pay and Absa Bank to test the potential ways convenience and security could contribute to the checkout process. The employees performed live transactions with the biometric cards using existing payment infrastructure, and the results were very positive.
In the coming months, additional trials will be conducted with the biometric card in Europe and in Asia Pacific. Following the trials, the card will undergo a final certification process and a full roll out is expected later in 2017.
“The opportunity for biometric cards is vast – potentially larger than the mobile market. We are already receiving a great deal of interest from a range of customers”, said Dr. Hemant Mardia, CEO of IDEX. “Many people think about payment cards only as the major target market. However, this is one of several attractive verticals. In addition to the 3 billion smart payment cards shipped annually there are large scale opportunities within financial inclusion (i.e. connecting populations without access to banking to payment services), identification, access control and other verticals. These opportunities have billion unit potential.”
IDEX’s off-chip technology enables a thin and bendable sensor consisting of a low-cost flexible polymer, compliant with ISO standards for long-term durability, making it uniquely suited for smart card integration and standard card mass production processes. Leveraging on this flexible technology, IDEX has recently developed a sensor for contactless cards. The new sensor is expected to be sampling in the second quarter of 2017 and to be ready for production in the second half of 2017. The completion of the new ASIC incorporated in this sensor was a significant strategic milestone for IDEX.
The opportunity for fingerprint sensors in biometric cards is the priority focus for IDEX. The company is investing significant resources in building its team, accelerating product development and technology innovation, and expanding its ecosystem partnerships to sustain its leadership position.
Contact:
Henrik Knudtzon, CFO, +47 9302 2827, hk@idexbiometrics.com
Twitter: http://www.twitter.com/idexasa
About IDEX
IDEX develops and sells advanced fingerprint sensor technology and products. The Company’s technology is used in a range of biometrically enabled applications within three core markets: Mobile, Smart Cards and Internet of Things (IoT). IDEX’s addressable market represents a fast-growing multi-billion unit opportunity.
IDEX’s technology includes both the conventional silicon sensor and a unique off-chip technology, which means that the Company can offer its partners solutions which are flexible and cost efficient.
IDEX ASA (ticker IDEX) is a Norwegian company, founded in 1996 and listed on the Oslo stock exchange in 2010.
For more information, please visit www.idexbiometrics.com
