Money & Banking

Biometric solutions for BFSI sector: IDEMIA sees ample growth opportunities in India

K.R.Srivats New Delhi | Updated on July 23, 2021

Developing next generation of touchless biometric products for the Indian market, says Senior Vice President Pierre Bauer

IDEMIA, a global leader in biometric technologies, is looking to offer a slew of new-age biometric security and payment solutions for the Indian banking sector that is now more keen to adopting secure and convenient biometric solutions in the post-Covid world, a top official said.

"We want to be the clear technology leader for biometric solutions in the Indian market. We do recognise that India wants the best of security and convenience when it comes to biometric solutions and at the same time is price sensitive. So we are developing the next generation of products that will appeal to Indian market and make us both a volume and turnover leader here," Pierre Alain Bauer, Senior Vice President-- Biometric Devices at IDEMIA told BusinessLine.

He highlighted that there is now a huge interest in touchless biometric solutions in the Indian banking system. IDEMIA is now working to bring its new products like MorphoWave compact; F.CODE biometric payment card, Vision Pass; MOTION CODE, and Augmented Vision (software) in the Indian market.

IDEMIA, which has more than 5,000 employees in India, has already enabled one of the largest corporate adoptions of biometric security for access and attendance for India's top banking organisations.

Besides facilitating India's first touchless biometric attendance management system to a leading PSU, IDEMIA had recently partnered with Federal Bank, a private sector lender, to design and implement a secure biometric system that offers a smarter and more efficient working environment.

Motion code

MOTION CODE is a solution where the CVV ( 3-digit security code) behind a credit card or any other card gets changed every hour. The new code gets displayed on a mini screen display on the back of the card. This is seen as a more secure solution as it renders copying of card information useless. By the time would-be fraudsters try to use it, the stolen number will have already changed several times.

IDEMIA is looking to align with Visa or MasterCard network for the MOTION CODE technology applicable in India, Bauer said.

Augmented vision

Augmented Vision is a video investigation system that uses biometrics for the recognition of people. It involves plugging software on, say, surveillance cameras at banks to have access control on the people arriving at the banks.

Bauer expressed hope that IDEMIA will have this system implemented in one location at a large scale in India this year.

F.Code biometric card

Bauer also indicated that IDEMIA might launch in India it’s F.CODE, the world’s first biometric payment card—allowing customers to authorise payments via a fingerprint sensor. With IDMEA’s F.CODE biometric payment card, customers authorise payments via a fingerprint sensor embedded into the card. To ensure privacy, their biometric data is securely stored in the chip and never leaves the card. F.CODE answers the high demand for contactless payments regardless of the amount. With this biometric payment card, the transaction is authenticated the same instant the card is tapped.

Published on July 22, 2021

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