Following the joint launch by Thales and Fingerprints of biometric cards with Garanti BBVA in Turkey in March – the company’s 11th commercial launch – IDEX has now launched a biometric card with Mutual Trust Bank in Bangladesh. Although the impact of the commercial breakthrough is slower than we had expected, these moves in the market are a positive sign. Our estimates and valuation do not include biometric payment cards, but we still see the potential as vast and anticipate further growth despite the increased uncertainty regarding timing and magnitude.

At the end of last year, British tech company Freevolt launched its new generation of biometric access cards including Fingerprints’ latest sensor, T2. Freevolt’s S-Key card operates as a reader with Axis, HID, and Paxton, for example. The company is also partners with Legic, one of the largest manufacturers of readers. As the physical security with biometric access cards improves significantly and biometric information can be stored locally on the cards, rather than in a central database, we believe the future for biometric access cards will be bright. Fingerprints has now implemented Freevolt cards at its Gothenburg headquarters.

Expecting further signs the transformation has continued in Q1