Hengbao has collaborated with authentication solutions provider IDEX for the launch of IDEX biometric smart cards in Southeast Asian market.
Hengbao supports cards for a variety of payment network specifications such as Mastercard, Visa, JCB and China Union Pay.
According to a report by ABI Research, the total volume of shipped smart payment cards was 1.3 billion in Asia last year. The volume will grow to approximately 1.8 billion cards by 2022.
The partnership intends to cater to this emerging smart cards market in Asia by leveraging the increasing preference for biometrics.
IDEX biometric smart cards
IDEX Biometrics CEO Stan Swearingen said: “This is one of the most significant technologies to enter the smart card market in the past 10 years and will make the common payment card exciting again.
“The increasing popularity of card payments in Asia, in conjunction with the growing preference towards biometrics, has created the perfect storm for this partnership with Hengbao, a very influential player in the Asian market.”
Hengbao CEO Simon Qian said: “We are excited to take this first step for contact-based biometric smart payment cards with IDEX Biometrics in the Asian market and look forward to announcing trials in the near future.
“Not only will this be an industry first for the market, but it is the perfect solution to address growing consumer demand for greater authentication to facilitate card-based payments.”
Hengbao and IDEX Biometrics plan to also trial dual-interface cards in the future.