IDEX Biometrics expands its presence in Asia by partnering with DoelPay, an innovative payments solution provider, to tap into the burgeoning market for biometric cards in Bangladesh.
Working closely with three of the largest banks in Bangladesh, Doelpay expects these banks “to offer biometric payment cards to their consumers by the fourth quarter of this year.”
With a population of over 170 million, Bangladesh represents “a significant market opportunity.”
Digital payments are “growing at CAGR of 19%, with 33 million payment cards currently in circulation.” The rapid growth is “driven by contactless payments taking off and the movement from cash towards digital payments and cards.”
Khawaja Ashraful Hawak, Managing Director of DoelPay, said:
“This strategic partnership will bring advanced biometric payment cards to the country, addressing the interest and demand for cutting-edge payment solutions. Bangladesh boasts a notable number of consumers in particular amongst the affluent and tech savvy, who are showing an accelerated appetite for innovative financial technologies.”
Catharina Eklof, CCO of IDEX Biometrics, said:
“By expanding our geographical coverage and partner network in South Asia, we are not only entering a fast-growing market but also fulfilling a market need for security, convenience, and industry-leading technology. Through this partnership, we will efficiently implement our solution in Bangladesh, empowering DoelPay’s bank partners to enter the market effectively.”
As noted in the update, IDEX Biometrics ASA (OSE: IDEX and Nasdaq: IDBA) claims it is “a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity.”
Their 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, their biometric solutions “target card-based applications for payments and digital authentication.”
As an industry-enabler they partner “with leading card manufacturers and technology companies to bring our solutions to market.”
As mentioned in the announcement, DoelPay in collaboration “with experienced global technology solution providers is in the market to provide seamless and effective digital payment solutions to banks and payment service providers.”
Working with globally reputable technology providers “to deliver integrated solutions in the area of soft POS, digital wallets, switching solutions primarily for the banks along with their large retail organizational client base.”