Biometrics company, Fingerprint Cards AB (Fingerprints) and Seshaasai, an innovative smart card manufacturer in India with a commanding APAC presence, have entered into an agreement to develop, launch, market, and sell contactless biometric payment cards in India and APAC.
The card will feature Fingerprints’ T-Shape module and software platform, which has ultra-low power consumption and is tailored to be integrated in payment cards using standard automated manufacturing processes.
“We are pleased to collaborate with Seshaasai, being a leading and award-winning card manufacturer, and one of the best tech brands in the BFSI space in India. This collaboration will bring consumers in India a more secure, safe and easy payment experience”, says Michel Roig, SVP Business Line Payments & Access at Fingerprints.
India had 25.5 billion real-time payment transactions in 2020, more than any other country in the world, and digital payment is estimated to account for 71 percent of overall payment volumes by 2025. According to the Reserve Bank of India there were 906 million debit cards and 62 million credit cards in circulation in June 2021.
Contactless and digital payments are growing fast in India, as consumers are choosing touch-free, safe and seamless ways to pay. Adding biometrics to the contactless payment card will increase the security needed to remove the cap, currently at Rs 5,000 (approx. €57), completely and allow for hygienic and worry-free contactless payments for all transactions.
“We selected Fingerprints’ biometric solution as they have the leading technology in the market,” said Pragnyat Lalwani, Founder Director, Seshaasai. “It offers proven biometric performance and the lowest power consumption, features which are of the highest importance for contactless biometric cards. Introducing biometric payment cards offers great benefits for banks, merchants and consumers alike, as contactless payments in India and APAC continue to grow quickly, especially in the post-covid world.“