IDEX Expects Certification of Biometric Payment Card Solution in Q2

IDEX will is a presenter at the DNB Small and Medium Enterprises Conference, the company has announced. Its Chief Products Officer, Stan Swearingen – who will take the helm as IDEX’s new CEO on April 1st – is representing the company at the Oslo event together with CFO Henrik Knudtzon.IDEX Expects Certification of Biometric Payment Card Solution in Q2

In keeping with its recent announcement that it will focus its resources exclusively on biometric smart card solutions, IDEX’s presentation emphasizes the opportunities emerging in this nascent market, and the speed with which they are developing. IDEX asserts that together with its partners Mastercard and IDEMIA, it has a contact-based payment card solution in the “final stages of certification”, which is expected to conclude in the second quarter, while a dual-interface solution allowing for contactless payments is on an “accelerated timeline” and will see proof of concept trials in the first half of this year. IDEX also says it plans to complete a commercial bidding process to end customers in the second quarter of the year.

IDEX is not the only company anticipating serious growth in this area, nor is Mastercard the only major financial services firm seeking to establish a leading position. Visa is leading biometric payment card trials of its own, in collaboration with partners like Fingerprint Cards and Precise Biometrics, among others. But as IDEX points out in its DNB presentation, the market is one with a ‘high barrier to entry’, so a small handful of firms able to get a solid foothold at the outset will reap the lion’s share of the anticipated reward.

March 21, 2018 – by Alex Perala