Swedish biometrics company Fingerprint Cards (Fingerprints) and Indian smart card manufacturer Seshaasai have partnered to bring contactless biometric payment cards to the Indian market, according to a Friday (Aug. 27) announcement.
Through the deal, the two companies will “develop, launch, market and sell contactless biometric payment cards” in India and in the Asia-Pacific (APAC) region.
The use of contactless and digital payments is growing in India, making the country a huge opportunity for growth for companies like Fingerprints. In 2020, close to 26 billion real-time payment transactions were carried out in the country — the world’s highest. And with 906 million debit cards and 62 million credit cards in circulation in June 2021, Fingerprints’ prediction that digital payments would account for 71 percent of overall payment volumes by 2025 would likely become a reality.
Speaking on the partnership, Michel Roig, SVP of business line payments and access at Fingerprints, said that the Swedish biometric firm is pleased to work with Seshaasai, 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,” he said.
Pragnyat Lalwani, founder and director of Seshaasai, also commented on the deal, sharing that the decision to select Fingerprints was due to its position as a leading technology solution: “[Fingerprints] offers proven biometric performance and the lowest power consumption, features that are of the highest importance for contactless biometric cards.”
Lalwani added that “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.”