IDEX Biometrics has announced a strategic partnership with KONA I, a leading smart card and technology platform firm based in South Korea.
The collaboration aims to launch biometric payment cards, available in both recycled PVC and metal variants, to banks around the globe. Notably, IDEX Pay’s maiden order has been promptly dispatched to KONA I.
KONA I, renowned for manufacturing smart card products, boasts an impressive annual production ability exceeding 60m cards. Holding certifications from industry giants such as Visa, Mastercard, JCB, and American Express, KONA I provides its innovative services to banks and issuers worldwide. Its product portfolio includes unique offerings like metal cards and other specially crafted material cards.
Biometric metal cards are witnessing rising popularity among both emerging FinTech challengers and well-established traditional banks. These next-gen cards are predicted to transform premium card schemes, with banks scheduled to offer them to their elite clientele by early 2024.
A recent global study by Edgar, Dunn & Co confirmed that over half of consumers still favour tangible payment cards for face-to-face transactions over digital wallets or cash. This research highlighted a prominent demand for metal payment cards, especially pronounced in burgeoning economies with an expanding middle class. Countries like Turkey (86%), India (85%), and Brazil (82%) showcased particularly strong inclinations towards these cards.
IDEX Biometrics Chief Commercial Officer Catharina Eklof said, “We are thrilled to bring true innovation to the high-net-worth customers banking segment, combing innovation and security with high performing biometric cards from KONA I. By partnering with KONA I, we are enabling banks and issuers with revolutionary card solutions giving the banks an opportunity to bolster brand loyalty, attract new customers and stickiness with existing ones.”
KONA I CEO Chung-il Cho said, “Our collaboration with IDEX Biometrics and the global introduction of biometric cards represent a compelling opportunity as we build out our industry-leading biometric card product line. This partnership is our response to the growing demand of banks and issuers for differentiated and innovative payments.”
IDEX Biometrics ASA is at the forefront of global technology in fingerprint biometrics, providing authentication tools spanning payments, access control, and digital identity. With its solutions underpinned by patented sensor tech, circuit designs, and software, IDEX focuses on card-based apps for payments and digital authentication, partnering with prominent card manufacturers and tech firms to bring their innovations to consumers.
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