IDEX Biometrics has partnered with KL HI-TECH to introduce biometric payment cards to the Indian market.
Through the partnership, the companies are tapping into one of the fastest-growing payment card markets globally, with nearly one billion cards in circulation.
KL HI-TECH already has an existing presence in the market as one of India’s largest banking card manufacturers with an annual production capacity of over 30 million banking cards. In 2017, it was ranked as the 26th largest card manufacturer in the world as per the Nilson Report. The firms said in a statement that they expect the cards to start reaching bank consumers in the first quarter of 2024.
P Srinivas Rao, Chairman & CEO of 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.”
Catharina Eklof, Chief Commercial Officer of IDEX Biometrics, added, “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.”