Biometrics company, Fingerprint Cards AB (Fingerprints) and Mswipe, one of India’s leading end-to-end digital enablers for SMEs, will collaborate and bring biometric debit and credit cards to India, targeting 940 million active payment card customers. Fingerprints’ proven biometric technology, along with Mswipe, who is India’s largest independent mobile POS merchant acquirer and network provider, will target around 100,000 existing customers. The collaboration will feature Fingerprints’ T-Shape® module and software platform.
“We are happy to collaborate with Mswipe, being a leader of digital payment provider in India. With the wide partner portfolio secured by Mswipe, we truly believe adding biometric solutions to their product range will add convenience and easy payments for merchants and consumers in the region. Contactless and digital payments are growing fast in India, as consumers are choosing touch-free, safe and seamless ways to pay,” says Michel Roig, President of Payments & Access at Fingerprints.
“We selected Fingerprints’ biometric solution as 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 our merchants and consumers alike, as contactless payments in India continue to grow quickly,” says Manish Patel, MD at Mswipe.
Fingerprint Cards and Transcorp, a 27-year-old Reserve Bank of India-regulated Prepaid Instruments license holder, have also collaborated to bring cutting-edge biometric technology to India. Transcorp has pioneered and democratized co-branded cards in India for fintechs and has a varied and broad portfolio of B2B partners. The biometric cards to be launched will feature Fingerprints’ T-Shape module®, which is tailored to be integrated in biometric payment cards using standard automated manufacturing processes.
“We are pleased to collaborate with Transcorp, to bring state of the art contactless biometric cards to Transcorp’s customers. This collaboration will bring consumers in India a more secure, fast, and convenient payment experience. We see huge potential in India and the APAC region since contactless payment transactions have been increasing year-on-year,” says Michel Roig, President of Payments & Access at Fingerprints.
Ayan Agarwal, who heads the PPI Business at Transcorp, added, “In the spirit of financial innovation and payments security, we are thrilled to collaborate to launch India’s first contactless biometric authenticated card! This will further expand offerings to over one million Transcorp customers. Delivering this project required the approvals of many entities, which Transcorp was able to secure in record time. This reinforces continuous successful efforts to enable Transcorp’s fintech partners to achieve their desired milestones by aligning stakeholder deliverables.”
Sri Lanka plans to sign a Memorandum of Understanding (MoU) with India to secure a grant to execute the Unitary Digital Identity Framework in Sri Lanka.
The Government said it has decided to prioritize the implementation of a Unitary Digital Identity Framework for Sri Lanka as a national-level program.
During the bilateral talks between the Sri Lankan President and the Indian Prime Minister in December 2019, the government of India had agreed to provide a grant to the island nation to implement the Unitary Digital Identity framework.
Under the proposed Unitary Digital Identity Framework, it is expected to introduce a personal identity verification device based on biometric data, a digital tool that can represent the identities of individuals in cyberspace, and the identification of individual identities that can be accurately verified in digital and physical environments by combining the two devices.
During the bilateral talks between President Gotabaya Rajapaksa and the Prime Minister of India Narendra Modi in December 2019, the Government of India agreed to provide a grant to implement the Unitary Digital Identity framework.
India’s Ministry of External Affairs on January 7 signed an agreement with Tata Consultancy Services Limited for the second phase of the Passport Seva Programme (PSP), one of the several Mission Mode Projects (MMPs) of the Government of India.
The $1 billion agreement will focus on faster delivery of passports to the citizens and aims create a more effective integration between various government ministries.
“India will soon introduce next-gen ePassports for citizens,” Sanjay Bhattacharyya, Secretary of the Consular, Passport & Visa (CPV) Division at the external affairs ministry, tweeted. The new e-passports will be based on secure biometric data and will ensure smooth immigration process globally, Bhattacharya said in his tweet.
“Smooth passage through immigration posts globally. ICAO compliant. Produced at India Security Press, Nashik,” Bhattacharya tweeted.
The current Indian passport is a printed booklet that falls under the category of machine-readable passports. The new regulation is to upgrade to international standards of the ICAO.
The ePassport will have a security chip embedded on the second page of the passport with personal data, including the biographical information of the holder. It will also have a digital signature unique to each country that can be verified using a certificate. In India, the ePassport was under trial and the government had issued about 20,000 of them for officials. The Indian Passport Authority issued the first ePassport to the then President of India, Pratibha Patil, in 2008.
Swedish biometrics company, Fingerprint Cards and Seshaasai, a smart card manufacturer in India with a commanding APAC presence, have entered into 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.
“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”, says Michel Roig, SVP Business Line Payments & Access at Fingerprints.
India had 25.5 billion 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. According to the Reserve Bank of India there were 906 million debit cards and 62 million credit cards in circulation in June 2021. Contactless and digital payments are growing fast in India, as consumers are choosing touch-free, safe and seamless ways to pay. Adding biometrics to the contactless payment card will increase the security needed to remove the cap, currently at Rs 5,000 (approx. €57), completely and allow for hygienic and worriless contactless payments for all transactions.
“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“, says Pragnyat Lalwani, Founder Director, Seshaasai.