With an annual production volume of more than 30 million cards and a strong presence in the Middle East, the manufacturer will leverage IDEX Biometrics cutting-edge technology platform and complete biometric smart card solution for scaled deployment within their broad global customer portfolio. The cards are expected to reach the market in the fourth quarter of 2023.
Consumers in the Middle East are switching to card and electronic payments at an incredible speed, pushed by governments and regulatory initiatives. The payment card market is expected to grow at a CAGR of 16%.
“We are pleased that the complete biometric solutions from IDEX Biometrics continues to accelerate the expansion of biometric smart cards,” says Catharina Eklof, Chief Commercial Officer at IDEX Biometrics. “With the manufacturer’s expansive global footprint and strong issuer portfolio in the Middle East, we are excited to jointly develop and market biometric smart cards for digital authentication, payments, and other applications.”
Source: Mordor Intelligence, Middle East and Africa payments market, forecast period 2022-2027
About IDEX Biometrics
IDEX Biometrics ASA (idexbiometrics.com) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
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.