The new card which incorporates IDEX Biometrics’ sensor and biometric software solution passed all required testing by China’s Bank Card Test Center (BCTC), confirming compliance with China UnionPay requirements and international interoperability standards. BCTC is the independent agency responsible for compliance testing on behalf of China UnionPay. The certification enables Hengbao to proceed with its manufacturing and distribution plans with major card issuers in China. This innovative card will enable multi-use applications, securing global payments and new functionalities such as access control and personal identification all in one card.
China UnionPay is the largest payment network in the world, with 9.4 billion cards in circulation. IDEX Biometrics’ card solutions have been certified by the top three global payment networks, VISA, MasterCard, and China UnionPay. Combined, these three networks process 90% of all global card payments, according to RBR.
Commenting on the significance of this announcement, Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated,“We take great pride in the confidence Hengbao and its banking partners have shown in IDEX Biometrics by selecting our fingerprint authentication solution for this innovative new product. Through tight integration of our proprietary matching algorithm with the THD89 secure element from Tongxin Microelectronics Co., Ltd., this new card provides industry-leading authentication performance, addressing needs for security, speed, and hygiene. The enhanced multi-use card will be an important step in the broader adoption of biometrically-enabled smart cards in China.
About IDEX Biometrics
IDEX Biometrics ASA (idexbiometrics.com) 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.
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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Brett L Perry, U.S. Investor Relations
T: +1 214-272-0070 - E: bperry[.]sheltongroup.com.