(MENAFN- GlobeNewsWire - Nasdaq) 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 variISO 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."
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