IDEX Biometrics launches payment cards in Turkey

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Driven by consumer demand, IDEX Biometrics launched a biometric payment card program across Turkey on Monday (July 25), which is expected to be in the hands of consumers by the first quarter of 2023, according to a press release.

Earlier this year, IDEX, a provider of fingerprint identification technology, partnered with Turkish card maker E-Kart. With 240 million cards in circulation and 1.8 million acceptance points, Turkey is one of the largest payment card markets in the world, the statement said.

“We are pleased to launch IDEX Biometrics’ platform solution for EMVCo-compliant biometric payment cards in Turkey,” said Catharina Eklof, chief commercial officer at IDEX Biometrics, in the press release. “A recently published market study commissioned by IDEX Customer Lab shows that 86% of consumers in Turkey find biometric payment cards very convenient and 82% would use a biometric payment card if it were available to them.

“By expanding the reach of our proprietary and innovative technology, we are helping to enhance the digital banking experience and secure digital authentication across a wide range of payments and digital authentication use cases,” she said.

Related: Biometrics and digital identity are helping online banks push the boundaries of money mobility

The June/July 2022 edition of the Money Mobility Tracker®, a collaboration between PYMNTS and Ingo Money, examines how Financial Institutions (FIs) implement security, anti-money laundering (AML) and anti-fraud measures in critical parts of the customer journey – including onboarding, Account opening and transfers – while streamlining the customer experience to move money seamlessly.

According to a study by global analytics software provider FICO, more than half of UK consumers would abandon their bank and switch to another provider if the bank were found to be involved in money laundering.

These results suggested that this type of scandal could be disastrous for an FI and lead to mass customer churn. These customers turn to banks to protect them, yet 20% of 25-34 year olds said banks are not fair when scammers manage to scam their customers. Meanwhile, 15% of UK consumers who have a credit or debit card said they think current attempts by banks to deal with credit or debit fraud are also unfair to consumers.

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