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Biosmart granted Mastercard Letter of Approval for IDEX Pay biometric cards

Written by Customer Service on . Posted in Public Companies.

Oslo, Norway and Seoul, South Korea – 25 November 2024: 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.”

For further information contact

Marianne Bøe, Head of Investor Relations
E-mail: ir@idexbiometrics.com
Tel: + 47 67 83 91 19

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

For more information, visit www.idexbiometrics.com

About Biosmart
Founded in 1971 and located in South Korea, Biosmart has grown to provide a variety of high-end card products from PVC, jewellery, and metal which deliver a luxurious lifestyle to clients. Biosmart is a certified card manufacturing and personalization vendor of global payment brands such as Visa, Mastercard, AMEX, Union Pay, JCB, and Diner’s.

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.

About this notice
This notice was issued by Marianne Bøe, Head of Investor Relations, on 25 November 2024 at 08:15 CET on behalf of IDEX Biometrics ASA.

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