By collaborating with DoelPay, a cutting-edge provider of payment solutions, IDEX Biometrics strengthens its footprint in Asia and is able to take advantage of Bangladesh's expanding biometric card market. Doelpay anticipates that by the fourth quarter of this year, three of the biggest banks in Bangladesh will be offering biometric payment cards to their customers.
Bangladesh offers a large market opportunity with a population of more than 170 million. With 33 million payment cards now in use, digital payments are increasing at a CAGR of 19%. The explosive expansion of contactless payments and the shift away from cash towards cards and digital payments are the main causes of this change.
“This strategic partnership will bring advanced biometric payment cards to the country, addressing the interest and demand for cutting-edge payment solutions,” said Khawaja Ashraful Hawak, Managing Director of DoelPay. “Bangladesh boasts a notable number of consumers in particular amongst the affluent and tech savvy, who are showing an accelerated appetite for innovative financial technologies.”
"By expanding our geographical coverage and partner network in South Asia, we are not only entering a fast-growing market but also fulfilling a market need for security, convenience, and industry-leading technology," said Catharina Eklof, CCO of IDEX Biometrics. “Through this partnership, we will efficiently implement our solution in Bangladesh, empowering DoelPay's bank partners to enter the market effectively.