NEXT Biometrics gains further traction in the global payment and fintech markets.
You might believe that we have been silent lately, that might be correct, but please don’t underestimate the activity level of NEXT hard-working employees around the globe. In this NEXT INSIGHTS #3 we provide an update related to our latest achievements in the Payment and Fintech industries. The last 9 months we have gained more and more traction in the payment and fintech industries known for its rigorous security standards dealing with customers and businesses digital money. So, what is the latest steps taken by NEXT related to the payment & fintech industry?
Today’s news item is from Mumbai in India. NEXT Biometrics has recently signed a Letter of Intent (LOI) and received an initial PO for delivery of fingerprint sensors to be integrated into yet another payment Point-of-Sale (POS) device. In addition, NEXT will provide high security sensors to Biometric Bluetooth Readers for the India Market. Our sensors provided to these two new devices is in corporation with Pagaria Group in India.
The initiated corporation with Pagaria Group related to mobile payment POS terminals in India follows NEXT’s already communicated partnership (during 2020) with China based Newland (the world’s second largest POS provider). In addition, NEXT announced a new customer in the crypto currency industry, Ngrave in Belgium, during Q4 2020. Ngrave has developed a digital wallet that uses NEXT’s fingerprint sensors linked to the use of blockchain-technology. We get improved attention from the payment and fintech industry with these contract wins and partnerships. Customers handling both physical and digital currency transactions over different technologies have identified NEXT as a strong provider of secure fingerprint sensors.
What is cooking in India?
Under the recently signed non-binding LOI, NEXT will provide our India certified One Touch ID Finger Print Module to Pagaria. NEXT has already received an initial PO for 4,650 sensors from Pagaria in accordance with the signed LOI.
Pagaria Group, a well-known supplier of financial hardware solutions, in partnership with Watchdata, a pioneer in Smart Devices, has incorporated NEXT fingerprint modules into payment POS terminals and soon to come Biometric Bluetooth readers for the Indian market. The LOI has an estimated volume of 13.000 sensors to be integrated into payment POS devices and an additional estimated volume of 10.000 sensors to be integrated into Biometric Bluetooth readers. The majority of estimated and planned shipments are expected to take place during 2021.
Where will these payment POS devices be used in India?
The POS terminals and Biometric Bluetooth readers will be used in the Fintech domain by one of the fastest growing payment banks in India providing door-step digital services to the citizens of India.
“Pagaria’s outstanding solutions capabilities in the fintech market together with NEXT’s unique fingerprint sensor technology brings the right solutions and products to capture the on-going significant growth of mobile financial solutions in India”, said Ankush Pagaria, CEO of Pagaria Group.
We are pleased to announce this LOI and initial commercial order with Pagaria Group. The collaboration with Pagaria Group also reaffirms NEXT support of the “Digital India Program”. The collaboration with Pagaria Group is another important step for NEXT enabling smart and slim biometric payment and fintech products that requires a high degree of security.
I hope this NEXT Insights #3 gave you some good insight into our activity level in the Payment & Fintech markets. Rest assured, we continue to keep our ears close to the market while digitalisation in the Payment & Fintech space is developing around the world.
Peter Heuman CEO NEXT Biometrics ASA
About Pagaria Group :
Pagaria Group is a leading hardware solution provider for 2FA authentication devices, Smart Devices, Biometric & Aadhar Authentication equipment, HSM devices mainly in Banking, Fintech and Government applications. The company partners with renowned OEM’s globally to develop Hardware solutions for India market. Company’s recent partnership with Next Biometric marks a significant milestone for the company goal to develop and manufactures hardware solutions locally in India. Pagaria Group has achieved deployment of more than 7 million hardware devices by the end of 2020. Pagaria Group is based out of Mumbai having its sales and service outlets at PAN India locations.