📋 Tender Overview
IDEX Biometrics partners with KONA I, a global smart card and technology platform company in South Korea, to deploy biometric payment cards across both recycled PVC and metal cards, for their bank clients world-wide. An initial order for IDEX Pay has been shipped to KONA I.
KONA I manufactures smart card products, with an annual production capacity of more than 60 million cards. KONA I holds a vast number of certifications, including Visa, Mastercard, JCB and American Express, and serves banks and issuers globally. The company provides a range of innovative smart card products including metal cards and other special material cards.
Biometric metal cards are in demand by both challenger and traditional banks. They are expected to revolutionize premium card programs as banks begin offering them to their affluent customers in early 2024.
More than 50 % of consumers prefer a physical payment card for in-person purchases versus a digital wallet or cash, confirms a recent global survey from Edgar, Dunn & Co. The survey points to an unmet demand for metal payment cards. The customer demand is especially strong across emerging and developing economies where the growing middle class is pursuing premium products and experiences such as in Turkey (86%), India (85%) and Brazil (82%).
“We are thrilled to bring true innovation to the high-net-worth customers banking segment, combing innovation and security with high performing biometric cards from KONA I,” said Catharina Eklof, Chief Commercial Officer at IDEX Biometrics. “By partnering with KONA I, we are enabling banks and issuers with revolutionary card solutions giving the banks an opportunity to bolster brand loyalty, attract new customers and stickiness with existing ones.”
“Our collaboration with IDEX Biometrics and the global introduction of biometric cards represent a compelling opportunity as we build out our industry-leading biometric card product line. This partnership is our response to the growing demand of banks and issuers for differentiated and innovative payments,” said Chung-il Cho, CEO of KONA I.
