Biometric payment cards to arrive in India

The payment technology company Zwipe works with a consumer finance company Easy payment and security printing products company KL HI-TECH Secure Print Limited develop and launch biometric payment cards in the Indian market by next summer, following internal testing and external pilots.

André Lovestam, CEO of Zwipe, said in a Press release Monday (December 27) that it is the company’s first pilot in India, which is among the “largest and fastest growing payments markets” in the world. He also highlighted KL HI-TECH’s experience on board as a card manufacturing partner.

Løvestam called Easy Pay a “pioneer” in advancing technology in payments, adding that biometrics will be a game-changer that will give them the ability to “continue to differentiate themselves on the basis of security, safety and security. ‘user experience’.

See also: Biometrics Shaping the Evolution of Physical (and Virtual) Cards

Across India, Easy Pay is among the fastest growing payment companies and is used by over 2 million retail stores and millions of people. Founded in 2014 by Nilay Patel and headquartered in Ahmedabad, Gujarat, India, the company processed $ 8.4 billion in transactions in 2020 as digital adoption deepened.

Patel said that by bringing the “next generation of contactless cards” to the country, their customers will benefit from the added protection of enhanced security.

“We are seeing many use cases of biometrics beyond payments, for example, access cards for use in hotel chains, as well as high-end real estate projects and smart cities where we have contracts. long term and demanding clientele, ”Patel mentioned.

Read more: Lebanese bank to test biometric payment cards

FinTech Zwipe is innovating in the next generation of biometric payment solutions and is striving to work with Easy Pay at all stages of the pilot program.

KL HI-TECH has been in business since 1988 and offers secure printing products and printing solutions. The company has been a pioneer in promoting “… secure payment transactions, banking services and telecommunications facilitation in India through its secure printing products,” the statement said.

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of American consumers think biometric authentication methods are faster, more convenient, and more reliable than passwords or PINs, so why are less than 10% using them? PYMNTS, working with Mitek, surveyed more than 2,200 consumers to better define this perception gap from usage and identify ways in which businesses can increase usage.


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