IDEMIA, the global leader in trusted identities for an increasing digital world, has allocated one billion euro for Research and Development (R&D) investments in next five years. Addressing an event titled "Discover The World of Disruptive Innovation Payments" organized by IDEMIA at a hotel, here on Tuesday, Gurcan Ghislain Altiparmak, vice president Sales Financial Institutions Middle East, Africa and Turkey, said that IDEMIA has presented a number of solutions for the different problems being faced by the financial sector. He said that IDEMIA is the leader in bank card and providing services through its 40 personalization centres located across the world.
He informed that IDEMIA's future R&D investments would be made in Encryption, IoT and connectivity, biometrics and security. The investments will also covers the payment of things, biometric payment, digitalization of identity documents, biometric recognition on mobile, eSIM, video analytics, border and access control and other security innovations.
Regarding the chip technology on ATM cards, he said, this technology has reduced the possibilities of fraud and several countries have already sifted their system on chip cards. In the future, cards would work but new technology including motion cards, display cards, Blink and FCode would also get space for secure transactions, he said.
He informed that some 200,000 customers were asked to pay through motion code cards and during the ten months, zero case of fraud was registered in motion code cards. He said that the biometric cards technology is also getting traction due to and it convenience as there is no need to remember pin code in this technology and biometric card turning the fingerprints into pin code.
Julia Schoonenberg, Director of Account Management Financial Institutions Middle East, Pakistan & Turkey at IDEMIA, in her presentation informed that IDEMIA has recently launched Pakistan's first EMV (Europay Mastercard Visa) certified payment cards personalization centre in Karachi to facilitate Pakistan's emerging market.
She said that e-commerce had created challenges of security and IDEMIA was here to provide security solutions to banks and other financial institution for secure transactions. Serving clients in 180 countries, IDEMIA's headquarters is located in Dubai while it has issued 1.2 billion cards in 2016, she said.
"IDEMIA has already spent 200 million Euros on R&D in 2015 and close to 1,400 patents," she said, adding that during the last year IDEMIA had shipped over 690 million payment cards and some 1.2 billion SIM cards. She said its sales have reached 2.8 billion Euros with over 14,000 employees including some 2,000 in R&D. "We are committed to invest in R&D to add more new features and financial institutions can have trust in IDEMIA for secured system," she asserted.
On the occasion, Muzaffar Khokhar, Regional President Middle East and Africa at IDEMIA, said that despite challenges Pakistan's market is offering multiple opportunities. He said it is a land of opportunities with massive unbanked population. "We are fully confident that Pakistan's journey toward digitalization will be more secure with the innovated products of IDEMIA," he said.
The event was also attended by Munawar Baig, CEO IDEMIA, Muhammad Amanullah, Director of Strategic Sales Financial Services Institutions Middle East & Pakistan, Ghazi Masarwesh, Marketing and Communication Manger Middle East & Africa, Ali Akbar, Director Payment Innovation Middle East & Africa and industry players.