IDEX Biometrics and KL HI-TECH to launch biometric payment cards in India
Oslo, Norway, 18 September 2023 – IDEX Biometrics and KL HI-TECH, a global card manufacturer and prominent provider of secure printing products and smart cards for central and state governments, have joined forces to introduce biometric payment cards to the Indian market. With an annual production capacity of 36 million dual-interface payment cards, KL HI-TECH holds certifications in various ISO classes and is accredited by Visa, Mastercard, and RuPay. KL HI-TECH's client portfolio includes major banks across India and Asia. KL HI-TECH biometric cards are expected to start reaching bank consumers in the first quarter of 2024.
P Srinivas Rao, Chairman & CEO of KL HI-TECH, remarks, "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, adds, "India leads the world in biometric authentication solutions for digitalization and boasts one of the fastest-growing payment card markets globally, with nearly 1 billion cards in circulation. 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."
For further information contact:
Marianne Bøe, Head of Investor Relations
E-mail: marianne.boe@idexbiometrics.com
Tel: + 47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) 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 or unlock devices 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
About KL HiTech
KL HI-TECH is since 1988 a leader in innovation and manufacturing of products that enables and eases day-to-day lives, focusing on six main sectors – banking, government, national identity and security, telecom, transport and education.
At its state-of-the art manufacturing facility located in Hyderabad, India the company has served over 500 clients across 52 countries. Operating under the highest standards of security, the organization is certified in several classes of ISO and by Visa, Mastercard and RuPay.
For more information, visit www.klhitech.com
About this notice
This notice was published by Erling Svela, Vice president of finance, on 18 September 2023 at 08:55 CET on behalf of IDEX Biometrics ASA.
TRADEMARK STATEMENT
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.
