IDEX, a Norwegian biometrics company, has signed an agreement with an undisclosed global payment partner to develop advanced biometric technologies for its payment card products.
As part of the agreement, IDEX will be compensated against specific roadmap milestones over the next six months.
“IDEX has previously offered ISO-compliant contact and contact-less biometric payment cards without the need of internal batteries and the products can be manufactured in volume at low cost,” the company said in its press statement.
The firm aims to deliver better performance for a wide range of card applications by using its patented off-chip technology to develop sensor solutions.
IDEX CEO Hemant Mardia said: “We are really pleased that a key partner has made this strong commitment to our technology vision and product roadmap.
“This relationship is a real recognition of the deep biometric expertise we have created at IDEX and that we can now deliver this into the market as a sensor solution partner.
“We fully expect this relationship to kick-start the monetisation of the technologies we have invested in over the last 3 years.”