Biometric Payment Cards to Be Commercially Introduced in India

The payment technology company Zwipe is working with consumer finance firm Easy Pay and security print products firm KL HI-TECH Secure Print Limited to develop and launch biometric payment cards in the Indian market by next summer, following internal tests and external pilots.

André Løvestam, CEO of Zwipe, said in a press release on Monday (Dec. 27) that this is the company’s first pilot in India, which is among the “largest and fastest-growing payment markets” globally. He also pointed to having KL HI-TECH’s experience on board as the 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 chance to “further drive differentiation based on security, safety and user experience.”

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

Across India, Easy Pay is among the fastest-growing payment companies and is used by more than 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 took a stronger hold.

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

“We see many use cases for biometrics beyond payments, for example, access cards for use in hotel chains, as well as high-end real-estate and smart city projects where we have long-term contracts and a demanding client base,” Patel said.

Read more: Lebanese Bank to Test Biometric Payment Cards

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

KL HI-TECH has been in business since 1988 and offers secure print products and printing solutions. The company was a pioneer in advancing “… secure payment transactions, banking services and facilitating telecommunications in India through its secure print products,” per the release.