IDEX Biometrics has achieved a significant breakthrough with its IDEX Pay product by securing Visa’s certification through the latest VBSS biometric payment application. This IDEX Pay biometric solution integrates IDEX Biometrics’ exclusive card operating system and advanced technology fingerprint sensor alongside Infineon’s robust SLC38 secure element.
This certification marks the culmination of extensive biometric performance evaluations and verifies that the solution complies with Visa’s security and functional standards. This achievement paved the way for IDEX Pay to be commercially scaled across Visa’s payment network.
Key Takeaways
- IDEX Pay Gets Visa Certification: IDEX Biometrics’ IDEX Pay solution has received Visa’s certification under the Visa Biometric Sensor Standard, confirming its compliance with stringent security and functional requirements for global deployment.
- Strategic Market Expansion: With certifications from Visa and Mastercard, IDEX Pay is not just ready but poised for commercial rollout across major markets. This expansion, supported by partnerships in APAC, Latin America, and Africa, is a testament to its commitment to expanding access to biometric payment technology and its potential for significant growth.
- Growing Demand for Biometric Cards: IDEX Biometrics is entering new markets, including India, where over 90% of affluent consumers show interest in biometric payment solutions. This positions the company for significant adoption and growth.
- Enhanced Accessibility and Security: IDEX Biometrics is collaborating with partners like TaluCard to develop biometric payment systems that improve accessibility for visually impaired and elderly users, emphasizing security and inclusivity.
Image source
IDEX Biometric Gets Visa Certification, Paving the Way for Global Expansion
IDEX biometric has been certified by Visa under the Visa Biometric Sensor Standard (VBSS). This certification confirms that this payment system offers the minimum security and functional standards required under Visa’s network. Strict testing was required for the certification in a number of areas, including security, biometric performance, and payment card operation. With this approval, Idex Pay can now be widely used commercially.
This payment system consists of a robust Infineon SLC38 security chip, software to control the biometric features in payment cards, and a fingerprint sensor that verifies biometric queries. This certification gives card manufacturers worldwide more influence, as Visa has issued over 3 billion cards and is well-established in emerging countries in APAC, Africa, and Latin America.
IDEX Pay has also received certification from Mastercard, and several card manufacturers have either approved or are nearing completion of their Mastercard Letter of Approval process. Visa and Mastercard account for 64% of the annual 687 billion payment transactions, providing extensive global reach for IDEX Pay.
Catharina Eklof, CEO at IDEX Biometrics, stated that the company is at the forefront of transforming the payment industry by being one of the initial firms to launch a certified biometric solution utilizing the Visa payment applet. She highlighted that this development confirms the solution’s adherence to global card manufacturers’ and banks’ stringent security and functionality standards.
Recently, TaluCard has partnered with IDEX Biometrics to roll out a new biometric payment system designed to increase accessibility and security, catering to the visually impaired and senior citizens.
Additionally, following its debut in South Asia through collaboration with a progressive bank, IDEX Biometrics plans to broaden its digital reach with its technology. This initiative supports the bank’s objective of offering advanced, ethical financial services and promoting economic growth. With a production capacity of 25 million cards per month, the partner was poised to assist the company in driving its expansion and growth across the Middle East, the US, and Africa.
As an accredited Mastercard, Visa, and RuPay provider, and with a client base that spans banks, government agencies, telecom companies, transportation authorities, and corporate enterprises, the collaboration was strategically positioned to accelerate the market entry of biometric payment and access cards. Leveraging IDEX Pay and IDEX Access technologies, these biometric smart cards are expected to launch by the end of 2024.
Furthermore, IDEX plans to improve its biometric card offerings throughout Asia. More than 1 billion cards are currently in use in India, where IDEX Biometrics recently announced its entry into the market. The corporation’s biometric payment cards are anticipated to acquire popularity rapidly, as data indicates that more than 90% of India’s affluent consumers are leaning toward utilizing this technology.
Catharina Eklof emphasized that Idex Biometrics’ intuitive card solution is key in advancing payment digitization efforts in India while addressing every aspect of market implementation. This growth is further bolstered by integrating local card manufacturing facilities and customized IDEX Pay implementation programs, paving the way for wider adoption of biometric payment solutions in the region.
IDEX Pay’s biometric card, which has earned Visa certification, was initially reported by Electronic Payments International, a division of GlobalData.
About IDEX Biometrics
Image source
IDEX Biometrics operates internationally, developing and distributing fingerprint-based identification technologies for payment authentication, access management, and digital identity verification. Their offerings are designed for optimal security, ease of use, and simplicity. The company has crafted a comprehensive fingerprint biometric platform encompassing sensors or modules, various reference designs and integration kits, biometric algorithms, and solutions for remote enrollment.
Their technologies enhance convenience, bolster security, and provide peace of mind while delivering smooth user experiences. Leveraging patented and proprietary sensor technologies, innovative integrated circuit designs, and advanced software, IDEX Biometrics focuses on card-based applications for secure payments and digital authentication. As a pivotal player in the industry, they collaborate with top card manufacturers and technology firms to advance and distribute their biometric solutions.
Conclusion
The Visa certification of IDEX Pay marks a critical step for IDEX Biometrics as it prepares to scale its biometric payment solution across global markets. With certifications from both Visa and Mastercard, the company is well-positioned to capitalize on the growing demand for secure, user-friendly payment technologies.
Strategic partnerships, such as those with TaluCard and a leading South Asian bank, further enhance IDEX’s market presence. As IDEX Biometrics continues to expand into key regions like India, its innovative solution
