IDEX Biometrics Debuts Payments Cards in Turkey

Due to consumer demand, IDEX Biometrics on Monday (July 25) launched a biometrics payment card program across Turkey that should be in consumers’ hands by the first quarter of 2023, according to a press release.

Earlier this year, IDEX, a provider of fingerprint identification technology, teamed up with Turkish card manufacturer E-Kart. Turkey is one of the biggest payment card markets in the world, with 240 million cards in circulation and 1.8 million acceptance locations, the release said.

“We are pleased to bring the IDEX Biometrics platform solution for EMVCo compliant biometric payments cards to market in Turkey,” said Catharina Eklof, chief commercial officer at IDEX Biometrics, in the release. “A recently published market survey commissioned by IDEX Customer Lab reveals 86% of consumers in Turkey consider biometric payment cards very convenient, and 82% would use a biometric payment card if it were available to them.

“As we expand the reach of our proprietary and innovative technology, we contribute to enhancing digital banking experiences and securing digital authentication across a variety of payment and digital authentication use cases,” she said.

Related: Biometrics, Digital Identity Help Online Banks Push the Limits on Money Mobility

The June/July 2022 edition of the “Money Mobility Tracker®,” a PYMNTS and Ingo Money collaboration, examines how financial institutions (FIs) can adopt security, anti-money laundering (AML) and anti-fraud measures during critical parts of the customer journey — including onboarding, account opening and funds transfer — while streamlining the customer experience to move money seamlessly.

More than half of consumers in the United Kingdom would jump ship from their banks and switch to another provider if the bank was found to be involved in money laundering, according to research from global analytics software provider FICO.

These findings indicated that this sort of scandal could be catastrophic for an FI and result in a mass defection of customers. These customers look to banks to protect them, yet 20% of 25- to 34-year-olds said that banks are not fair when scammers manage to wrong their customers. Meanwhile, 15% of U.K. consumers who hold a credit or debit card said they believe current attempts by banks to handle credit or debit fraud are also unfair to consumers.

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