A new partnership could prove to be a major payment cards inroad in the Indian market for Fingerprint Cards. The company has established a deal with Transcorp in a deal that will see FPC’s T-Shape fingerprint sensor module integrated into millions of payment cards in the country.
Founded in the early 1980s, Transcorp has over the years evolved into a financial services giant, offering solutions across currency exchanges, remittances, prepaid cards, insurance, and even car rentals and travel tours. The company has been publicly traded for 17 years, according to its website; and it is regulated by the Reserve Bank of India.
In a statement, FPC asserted that “Transcorp has pioneered and democratized co-branded cards in India for fintechs and has a varied and broad portfolio of B2B partners.” Now, through its biometric cards agreement with Fingerprints, Transcorp “will be targeting 940 million active card holders” in the country.
It’s a big win for Michel Roig’s side of the company. After a strategic review launched last year, FPC effectively split into two subsidiaries at the start of this year, with Roig’s “Fingerprint Cards Switzerland” to be focused on payments and access control, and the other subsidiary, “Fingerprint Technology Company”, to focus on mobile biometrics.
“This collaboration will bring consumers in India a more secure, fast, and convenient payment experience,” Roig commented. “We see huge potential in India and the APAC region since contactless payment transactions have been increasing year on year.”
For Transcorp, the collaboration was undertaken in “the spirit of financial innovation and payments security,” explained the head of the company’s VP of Payments Systems, Ayan Agarwal. “This will further expand offerings to over one million Transcorp customers,” he added.
The partnership’s announcement comes just a couple of weeks after FPC revealed that its technology was being used in two commercial biometric payment cards projects in Morocco, suggesting growing momentum as more financial services institutions begin to embrace the novel payment card technology.
May 2, 2022 – by Alex Perala