IDEX Biometrics has expanded its presence in Asia by partnering with payments solution provider DoelPay, to tap into the growing market for biometric cards in Bangladesh.
Working closely with three of the largest banks in Bangladesh, Doelpay expects these banks to offer biometric payment cards to their consumers by the end of the year.
With a population of over 170 million, Bangladesh represents a significant market opportunity. Digital payments are growing at a CAGR of 19 per cent: with 33 million payment cards currently in circulation.
Contactless payments taking off and the movement from cash towards digital payments and cards have largely driven the rapid growth of digital payments in Bangladesh. IDEX Biometrics explained that, as an industry enabler, it plans to partner with leading card manufacturers and technology companies to bring its solutions to market.
‘An accelerated appetite for innovative financial technologies’
Khawaja Ashraful Hawak, managing director of DoelPay, discussed why now is a good time for the companies to partner. He commented: “This strategic partnership will bring advanced biometric payment cards to the country, addressing the interest and demand for cutting-edge payment solutions.
“Bangladesh boasts a notable number of consumers in particular amongst the affluent and tech-savvy, who are showing an accelerated appetite for innovative financial technologies.”
DoelPay aims to provide seamless and effective digital payment solutions to banks and payment service providers. The company has worked with a number of technology providers to deliver integrated solutions in the area of softPOS, digital wallets, and switching solutions primarily for the banks along with their large retail organizational client base.
Catharina Eklof, CCO of IDEX Biometrics, also explained the importance of the partnership. Eklof said: “By expanding our geographical coverage and partner network in South Asia, we are not only entering a fast-growing market but also fulfilling a market need for security, convenience, and industry-leading technology.
“Through this partnership, we will efficiently implement our solution in Bangladesh, empowering DoelPay’s bank partners to enter the market effectively.”
IDEX Biometrics, a tech leader in fingerprint biometrics, offers authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, its biometric solutions target card-based applications for payments and digital authentication.