IDEX ASA, a leader in high performance fingerprint sensors, announced today it has entered into a strategic partnership with an undisclosed global payments company for the development of a worldwide biometric payment card program.
Mass adoption of fingerprint sensors in the mobile market and recent developments of mobile payment applications are changing the paradigm for security and convenience by eliminating PINs and passwords. The biometric card market is a large emerging opportunity where cost efficient fingerprint sensors are ideal to provide increased security and user-friendly authentication for payment and identification purposes. IDEX has already successfully demonstrated our swipe sensor technology on thin flexible ISO-compliant cards. In 2013, approximately eight billion payment cards were in circulation globally, with over a billion new cards issued annually.
IDEX’s unique, patented off-chip technology enables a bendable fingerprint sensor that is ideal for smart card integration. IDEX proprietary matching algorithms can operate in small, secure processors that meet international EMV payment security regulations and maintain the fingerprint image on the card. IDEX is leveraging our existing touch and swipe sensor platform technology that is currently sampling for mobile market insertion.
Dr. Hemant Mardia, CEO of IDEX stated,“We are very pleased to have been selected for this global company biometric card initiative enabled by our compelling low cost, turnkey fingerprint sensor solutions. The program will commence development during 2015. This partnership is expected to enable IDEX to secure a leading position in this emerging mass market for fingerprint sensor based biometric cards.”
IDEX ASA (idex.no) specialises in fingerprint imaging and recognition technology. The company has a strong patent portfolio consisting of 25 patent families including more than 215 granted patents, as well as cross licenses with Apple. IDEX has a highly competitive product road map including swipe sensors, touch sensors with disruptive cost positions, and a unique in-glass solution. The company is currently in the process of commercialising the products.
IDEX’s addressable market represents a multi-billion unit opportunity, centred on three core markets: Mobile as the core focus, ID & smart cards medium term and the Internet of Things in the future. IDEX has seen a substantial increase in interest from global OEMs in the last quarters, and is positioned as of three independent players with the relevant IP to capture market share.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.