Oslo, Norway, 18 September 2023 - IDEX Biometrics and KL HI-TECH, a global card
manufacturer and prominent provider of secure printing products and smart cards
for central and state governments, have joined forces to introduce biometric
payment cards to the Indian market. With an annual production capacity of 36
million dual-interface payment cards, KL HI-TECH holds certifications in various
ISO classes and is accredited by Visa, Mastercard, and RuPay. KL HI-TECH's
client portfolio includes major banks across India and Asia. KL HI-TECH
biometric cards are expected to start reaching bank consumers in the first
quarter of 2024.
P Srinivas Rao, Chairman & CEO of KL HI-TECH, remarks, "The convergence of a
thriving smart card market and the rapid adoption of biometrics in India
presents a remarkable opportunity for biometric cards. We anticipate swift
growth in the biometric payment card market and have full confidence that IDEX
Biometrics technology leadership, innovative capabilities, and go-to-market
strategy will drive market adoption to the advantage of consumers throughout
India and Asia."
Catharina Eklof, Chief Commercial Officer of IDEX Biometrics, adds, "India leads
the world in biometric authentication solutions for digitalization and boasts
one of the fastest-growing payment card markets globally, with nearly 1 billion
cards in circulation. The Indian market holds immense potential for biometric
payment cards, and KL HI-TECH's robust market positioning and extensive bank and
issuer portfolio will further bolster its growth."
For further information contact:
Marianne Bøe, Head of Investor Relations
E-mail: marianne.boe@idexbiometrics.com (mailto:marianne.boe@idexbiometrics.com)
Tel: + 47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a leading provider of fingerprint
identification technologies offering simple, secure, and personal authentication
for all. We help people make payments, prove their identity, gain access to
information or unlock devices with the touch of a finger. We invent, engineer,
and commercialize these secure, yet incredibly user-friendly solutions. Our
total addressable market represents a fast growing multi-billion-unit
opportunity.
For more information, visit www.idexbiometrics.com
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About KL HiTech
KL HI-TECH is since 1988 a leader in innovation and manufacturing of products
that enables and eases day-to-day lives, focusing on six main sectors - banking,
government, national identity and security, telecom, transport and education.
At its state-of-the art manufacturing facility located in Hyderabad, India the
company has served over 500 clients across 52 countries. Operating under the
highest standards of security, the organization is certified in several classes
of ISO and by Visa, Mastercard and RuPay.
For more information, visit www.klhitech.com (http://www.klhitech.com)
About this notice
This notice was published by Erling Svela, Vice president of finance, on 18
September 2023 at 08:55 CET on behalf of IDEX Biometrics ASA.
TRADEMARK STATEMENT
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics
ASA. All other brands or product names are the property of their respective
holders.