Biometrics firm, Fingerprint Cards AB, and Seshaasai, an established smart card manufacturer in India with a strong APAC presence, have entered into an agreement “to develop, launch, market, and sell” contactless biometric payment cards in India and the wider APAC region, according to a release.
The card will feature Fingerprints’ T-Shape® module and software platform, which has “ultra-low” power consumption and is “tailored to be integrated in payment cards using standard automated manufacturing processes.”
Michel Roig, SVP Business Line Payments & Access at Fingerprints, noted that they’re pleased to work with Seshaasai. Roig also mentioned that Seshaasai is one of the best technology brands in the BFSI space in India.” He added that this collaboration will “bring consumers in India a more secure, safe and easy payment experience.”
As stated in a release, India had 25.5 billion real-time payment transactions last year, more than any other country. Digital payments are “estimated to account for 71% of overall payment volumes by 2025.”
According to the Reserve Bank of India (RBI), there were 906 million debit cards and 62 million credit cards “in circulation in June 2021.” Contactless and virtual payments are growing quite fast in the country, as consumers are “choosing touch-free, safe and seamless ways to pay.”
Adding biometrics to the contactless payment card will “increase the security needed to remove the cap, currently at Rs 5,000 (approx. €57), completely and allow for hygienic and worriless contactless payments for all transactions,” the announcement noted.
Pragnyat Lalwani, Founder Director, Seshaasai, remarked:
“We selected Fingerprints’ biometric solution as they have the leading technology in the market. It offers proven biometric performance and the lowest power consumption, features which are of the highest importance for contactless biometric cards. Introducing biometric payment cards offers great benefits for banks, merchants and consumers alike, as contactless payments in India and APAC continue to grow quickly, especially in the post-covid world“
As mentioned in the announcement, Fingerprint Cards AB is a biometrics company, with its “roots in Sweden.”
The company’s management believes in “a secure and seamless universe, where you are the key to everything.” Their solutions are found in numerous devices and applications, and are used regularly every day, the company claims. The products aim to offer a “safe and convenient identification and authentication with a human touch.”