Global smart card technology company Biosmart has obtained the Letter of Approval (LoA) from Mastercard for its biometric payment card built on the IDEX Pay platform. Biosmart can now move to industrialized production of biometric payment cards.

Biosmart is a Korea based manufacturer with an annual production capacity of 50+ million payment cards. Biosmart is a trusted partner of leading banks in Asia, Middle East, Europe and USA.

IDEX Biometrics differentiated and optimized fingerprint biometrics platform enables manufacturing partners to serve banks with biometric payment cards which are accepted on all EMVCo compliant payment terminals across the globe.

“Making payments easier and more secure for consumers with biometric payment cards, based on the leading technology from IDEX Biometrics, represents a massive opportunity. The interest from banks in the region underpins the commercial opportunity ahead of us” says Henry Kang, Chief Sales Officer at Biosmart.

“Congratulations to Biosmart on this Mastercard approval for biometric payment cards, this strategic innovation product fits well with Biosmart’s fintech customers across the world,” comments Catharina Eklof, Chief Executive Officer at IDEX Biometrics. “Secure and frictionless payments contribute to transaction and retention increase, critical to banks in today’s competitive payment landscape.”