Biometrics company, Fingerprint Cards AB, and Seshaasai, a specialist smart card manufacturer in India with a commanding APAC presence, have confirmed 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.
Michel Roig, SVP Business Line Payments & Access at Fingerprints commented: “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.”
It follows on from India having 25.5bn 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.
Furthermore, according to the Reserve Bank of India there were 906m debit cards and 62m credit cards in circulation in June 2021.
Pragnyat Lalwani, Founder Director, Seshaasai added on the deal: “We selected Fingerprints’ biometric solution as they have the leading technology in the market. 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.”
