Swedish biometrics company Fingerprint Cards AB has teamed up with financial services firm Transcorp to bring biometric technology to India.
As the companies said in a news release Monday (May 2), the collaboration will target India’s 940 million cardholders, and marks the country’s first contactless biometric authenticated card.
The cards will be launched featuring Fingerprint’s T-shaped module, designed to be integrated with biometric payment cards through standard automated manufacturing processes.
“This collaboration will bring consumers in India a more secure, fast, and convenient payment experience,” said Michel Roig, president of payments and access at Fingerprints. “We see huge potential in India and the APAC region since contactless payment transactions have been increasing year on year.”
Ayan Agarwal, who heads the PPI Business at Transcorp added that the partnership “will further expand offerings to over one million Transcorp customers. Delivering this project required the approvals of many entities, which Transcorp was able to secure in record time.”
Founded in 1997, Fingerprint Cards says it has made more than 1 billion sensors for smartphones, PCs and peripherals and payments solutions.
Based in the city of Jaipur, Transcorp’s services include prepaid cards, foreign exchange, student loans and outward remittances.
Learn more: Study: 57% of Consumers Prefer Advanced ID Verification After Trying It
As PYMNTS has reported, unfamiliarity with advanced ID verification methods such as fingerprints and other biometrics may be the only thing keeping more people from using it. Once they try it, they tend to prefer it, as we learned in “Consumer Authentication Experiences: How to Achieve Friction-Free Customer Care,” a PYMNTS and Pindrop collaboration
“The data strongly suggests that consumers like these verification technologies once they have tried them,” the report says. “On average, 57% of those who have used advanced ID verification would be ‘very’ or ‘extremely’ interested in using it again. This share rises to 66% among millennials, 63% among bridge millennials and 64% among those who make more than $100,000 annually.”
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