IDEX Biometrics (IDEX ASA), the leading provider of advanced fingerprint identification and authentication solutions, makes reference to the recent announcement by Mastercard (link) regarding the pilot by Edenred Mexico for the use of biometric smart cards in state benefit programs.
Edenred (edenred.com) is a global leader in payment solutions for the working world, connects 830,000 corporate clients, 47 million employee users and 1.7 million partner merchants across 45 countries. Thanks to its global technology platform, Edenred managed 2.5 billion transactions in 2018, primarily carried out via mobile applications, online platforms and cards, and representing more than €28 billion in business volume.
It is estimated that over 1.7 billion adults around the world remain unbanked due to a range of factors from language, health limitations and physical barriers to a distrust of the financial system. Biometric solutions offer a simple, secure and convenient authentication solution to bridge the gap to financial inclusion as consumers can be linked directly to their card by their fingerprint alone.
The pilot is conducted by Sonora state in Mexico and will provide beneficiaries with increased security when receiving their entitled benefit since the card protects their identity and cannot be used by anyone else.
Stan Swearingen, CEO of IDEX Biometrics comments: “Biometric authentication technologies offer a compelling solution for those in need of financial inclusion. It’s really exciting to see pilots like this happening and we’re extremely proud to be part of it.”
About IDEX Biometrics
IDEX Biometrics (idexbiometrics.com), legal name IDEX ASA, is the 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, unlock devices or gain admittance to buildings 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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.