IDEX Biometrics expands its presence in Asia by partnering with DoelPay, an innovative payments solution provider, to tap into the burgeoning 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 fourth quarter of this year.

With a population of over 170 million, Bangladesh represents a significant market opportunity. Digital payments are growing at CAGR of 19%, with 33 million payment cards currently in circulation. The rapid growth is driven by contactless payments taking off and the movement from cash towards digital payments and cards.

“This strategic partnership will bring advanced biometric payment cards to the country, addressing the interest and demand for cutting-edge payment solutions,” said Khawaja Ashraful Hawak, Managing Director of DoelPay. “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.”

“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,” said Catharina Eklof, CCO of IDEX Biometrics. “Through this partnership, we will efficiently implement our solution in Bangladesh, empowering DoelPay’s bank partners to enter the market effectively.”

Source:  Statista and the Business Standard, May 2023