Norwegian biometrics specialists IDEX Biometrics and KONA I are teaming up to deploy biometric payment and access cards in Japan. South Korean global smart card and technology platform provider, KONA I expects banks to begin offering high-technology biometric cards to consumers in the second half of 2024.
KONA I and IDEX Biometrics smart card platform provides the cybersecurity market with an end-to-end authentication platform. It is focused on digital security, and compatible with standard protocols such as FIDO2, as well as biometric payments cards. Both solutions are delivered with optimal customer experiences and security by design.
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Fast growing Japanese market to constitute 30% of KONA I business by 2025
KONA I currently has an annual production capacity of more than 60 million cards. The firm forecasts that the fast-growing market in Japan will account for 30% of its business by 2025. It says that Asia, including Japan, is leading the way for fingerprint biometric innovation in the payments industry, with a high penetration rate of contactless payments. Credit cards are the leading cashless payment method in Japan. The market growing at a CAGR of 8%, is expected to reach $870bn by 2028.
“The partnership with IDEX Biometrics enables us to react to the fast-growing demand for biometric smart cards in Japan,” said Koichiro Sasai, Head of KONA Japan.
“We are proud to offer bank customers in Japan the most innovative access and payment solutions. There is a very strong demand from affluent customers who seek the highest security and unparalleled value and user experiences, as offered by biometric metal cards.”
“We are excited to enter Japan with technology innovations that meets the needs for increased cyber security together with KONA I,” added Catharina Eklof, Chief Commercial Officer, IDEX Biometrics.
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By GlobalData“Through this partnership with KONA I, we are bringing relevant solutions to the growing demand for frictionless payments and smart card solutions. It enables banks in Japan to differentiate and support loyalty and trust with their customers.”
