The expansion of biometric payment cards in European banks and fintechs continues

0

Swedish challenger bank Rocker is teaming up with Idemia and Idex Biometrics to launch a biometric payment card, while Zwipe is helping Qatar Development Bank’s fintech subsidiary bring its biometric payment card to market. Both developments appear to back up the findings of a Juniper Research study that indicates the biometric card industry will grow by up to 850% by 2026.

A Swedish challenger will launch a map of Idemia and Idex

Rocker would be the first bank in Sweden to launch a biometric payment card for customers with a partnership with Idemia and Idex Biometrics.

A press release issued by Idex indicates that the biometric payment card, codenamed “Rocker Touch”, allows payments via an in-card fingerprint sensor, describing the function of cards such as Idemia’s F.CODE. Catharina Eklöf, chief commercial officer at Idex Biometrics, says the card is certified by Visa and Mastercard and will work on any payment terminal.

“As a banking challenger, we are constantly testing new technologies to develop financial services that are smarter, easier to use and help our customers improve their everyday financial lives. The launch of Rocker Touch is part of our strategy to deliver smart and secure payment solutions across all platforms, whether you want to pay with mobile, card or bank transfer,” said Andreas Norberg, Vice President of Save & Spend at Rocker.

Norberg adds, “This premium product will be offered as a new service in our comprehensive and growing offering of easier to use, more flexible and better priced retail financial services.”

Idex Biometrics CEO Vince Graziani writes in an op-ed published by UK Tech News that debit and credit card fraud in Europe has reached 3.6 cents on €100, or €1.87 billion ( approximately $2.1 billion).

Idex’s Rocker announcement comes as the Norwegian biometric sensor maker forecasts global growth and announces increased revenue.

Zwipe joins Qatar FinTech Hub for biometric payment cards

Norwegian biometrics developer Zwipe has partnered with Qatar FinTech Hub to bring the Zwipe Pay card to market.

The partnership aims to accelerate the adoption of Zwipe Pay by fintechs, issuers, processors and consumers, says Ramzi Saboury, General Manager of Zwipe in the MENA (Middle East and North Africa) region. Saboury says Qatar is a “prime market” in the MENA region for Zwipe, and the company will engage with issuers to pilot Zwipe Pay in the Persian Gulf state. Both parties will work to raise awareness, educate and build engagement on biometric payment solutions in Qatar as well.

Qatar FinTech Hub, a fintech subsidiary of Qatar Development Bank, says it supports the growth of the fintech industry in Qatar and collaborates with the UK, Turkey, Australia and Singapore.

Ibrahim Abdulaziz Al Mannai, Executive Director of Consulting at Qatar Development Bank, comments: “I am very pleased to announce the collaboration with Zwipe and to welcome them as a valued member of the Qatar Fintech Hub. Zwipe is one of the leading technology brands for biometric payment solutions. Our innovation programs have been extremely successful since their launch, and we are extremely pleased to now integrate biometrics. This collaboration will greatly enrich our technological skills and help Qatar to become a regional center for fintech solutions, meeting the needs of the global market.

Zwipe is reportedly considering expanding into the North American and Egyptian markets and has signed an agreement with Chilean fintech company IC Payment to bring biometric payment cards to Latin America and the Caribbean regions.

Its 2021 financial statement showed a significant increase in revenue and expenses as it prepares for partnerships in Asia and manufacturing on the continent.

Biometric payment card shipments expected to climb to 173 million in 5 years

Market research from Juniper Research suggests that global payment card shipping revenue for technology companies will grow from $9.7 billion in 2022 to $11.7 billion by 2026, and that biometrics will play a central role in growth.

The research report titled “Payment Card Technologies: Segment Analysis, Vendor Strategies and Market Forecast 2022-2026” analyzes the new segments that are developing in the payment card space and the role they will play in the future. ‘to come up. It contains market forecasts on payment card industry segments like biometrics, contactless, metal, and dynamic CVV, among other types.

Juniper says cards could be disruptive technologies over the next five years and “will help evolve the payment experience in the digital age” by increasing security and convenience. This would make card use more attractive in the face of growing innovation in mobile payments.

While metal cards are expected to generate revenue, biometric cards with embedded fingerprint sensors are attracting particular attention for their huge growth potential. Juniper estimates that shipments will increase nearly 850% over the next five years to reach 173 million in 2026 worldwide. Perhaps most interesting of all, this implies that just over 20 million biometric payment cards will be shipped this year.

Juniper sees biometric cards allowing card payments to better compete with mobile payment platforms, such as Apple Pay and Google Pay, eventually allowing payment cards to have no transaction limits. This potential development would remove a major barrier to the growth of contactless payments, he concludes.

Juniper has released a series of encouraging reports on the biometrics and digital identity markets.

Article topics

biometric cards | biometrics | contactless | fingerprint sensors | IDEMIA | Idex Biometrics | Juniper Research | market report | payments | Zwipe

Share.

About Author

Comments are closed.