FINO’s transactions are validated using biometric authentication, providing one of the highest degrees of digital security available. End-user card transaction is approved after fingerprint information is verified through the payment terminal reading and the card embedded software processing at business correspondents of FINO, called “Bandhus”. Bandhus are FINO’s business correspondents who move around by bicycle or motorbike to provide door step delivery of services, carrying a portable smartcard reader to help villagers with their everyday transactions. This is just one way customers can bank with FINO, which also provides services through retail outlets and partners’ premises. With 22,000 transaction points across India, FINO has the most active customer base in the world, and also records the highest transaction volume according to a 2010 study from the Consultative Group to Assist the Poor. Each FINO card can securely store up to 15 types of applications that facilitate daily life financial services such as deposit remittances, savings, loans, insurance and e-purses.
“FINO’s goal is to make financial services available to everyone in the country, especially in rural areas. Gemalto’s ‘one-card-does-all’ solution is one of our key enablers to deliver this vision,” said Manish Khera, Chief Executive Officer, FINO. “Since the card introduction in 2007, our customers have complimented its convenience and added value to their daily lives. With more than half of India’s population unbanked, we are rapidly expanding our geographical coverage and extra services offered.”
“Providing these services in India is another example of the clear benefits to society that characterize Gemalto’s solutions,” added Tan Teck Lee, President Asia, Gemalto. “FINO’s solution has also already enabled the implementation of various social and Government schemes, and Gemalto is committed to supporting them and growing this new business potential.”
