Biometric cards rolling out for national and refugee ID systems, boosting company earnings
Biometric cards for payments, digital ID and refugee benefits are the theme of the week’s top industry news. Idex Biometrics shares are now available to more U.S. investors, and both Idex and Zwipe announced 2020 results showing positive earnings trends. National digital ID cards with embedded biometrics are coming for Finland, while the government of Pakistan and UNHCR are working to maintain service access for refugees by registering biometric cards.
Most read biometrics news this week
Digital ID plans in Finland, Germany and Mexico made up the most-read story of the week on Biometric Update. Finland is working on a digital ID card for easier identity credential access and authentication to services, while Germany is planning to allow mobile device-based version of government IDs to be used from the fall of this year, and new legislation brings Mexico one step closer to introducing a digital ID card.
U.S. investors will be able to buy Idex Biometrics stock through the Nasdaq as of March 1, giving them a relatively direct way to invest in biometric payment cards, after 800,000 American Depository Shares (ADSs) were registered with the SEC. Each ADS consists of 75 ordinary shares, which are up over 50 percent on the Oslo Børs in the last three months.
Idex and Zwipe’s earnings reports for the fourth quarter and full-year 2020 show revenue gains and narrowing losses compared to the previous year, as both companies cut operating costs. In addition to the biometric payment cards opportunity, Idex’ Graziani notes the potential for biometric hardware wallets for China’s digital currency as a potential growth opportunity.
Russia’s government continues to work towards opening up its biometric banking registry, but it is facing significant adoption challenges. The Commercial Bank of Ceylon has reported major growth in downloads for its app with biometric security since it launched new account registration six months ago, while Cambodia’s Acleda Bank has adopted biometrics for account opening and bank card printing at ATMs, and DBS Bank has adopted Singapore’s SingPass for online business account opening with biometrics.
As trials and production…
