Oslo, Norway, 18 May 2020: IDEX Biometrics ASA, a leading provider of advanced
fingerprint identification and authentication solutions, is proud to announce
that China UnionPay has issued a Letter of Approval (LOA) for a biometric
payment card that contains IDEX's fingerprint sensor and distributed matcher.
The LOA is the formal acknowledgement by China UnionPay that a product or
service demonstrated compliance to all relevant requirements. This enables
world-wide interoperability with ATMs and point of sales (POS) terminal as well
as durability, reliability and security assurance.
According to China UnionPay, we always support and accept the technological
innovation of payment products and continue to pay attention to the combination
of biometric technology and payment. This is the first biometric card
certification issued by China UnionPay, which will provide more choices for
card-based payment and meet the needs of personalized and diversified payment
use case scenarios.
"The importance of certification and LOA cannot be overstated. Meeting
stringent specifications and standards to ensure global interoperability is key
in defining the growth trajectory of the biometric payment cards market," said
Phil Sealy, Research Director, Digital Security at ABI Research. "This is a
significant market milestone, not just in terms of application security and
performance requirements, but the fact that certification and LOA must be met in
order for the biometric card to move into the mass market issuance phase".
"CUP is the largest payment network in the world, supporting more than half of
all cards issued on the global brand networks. This LOA is a critical step to
driving mass adoption in China. IDEX and our partners are now approved for
deployment in the world's largest market for payment cards," said IDEX CEO,
Vince Graziani.
For further information contact:
Marianne Bøe, Investor Relations
E-mail: marianne.boe@idexbiometrics.com
Tel: + 47 918 00186
Derek D'Antilio, Chief financial Officer
E-mail: derek.dantilio@idexbiometrics.com
Tel: +1 197 827 31344
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of
fingerprint identification technologies offering simple, secure and personal
authentication for all. We help people make payments, prove their identity,
gain access to information, unlock devices or gain admittance to buildings with
the touch of a finger. We invent, engineer, and commercialize these secure, yet
incredibly user-friendly solutions. Our total addressable market represents a
fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow on Twitter
@IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act