Ten Million FINO Customers in India Use Multiple Micro-Banking Apps on Gemalto Smart Cards

Gemalto, the world leader in digital security, today announces that ten million Financial Inclusion Network & Operations clients in India now enjoy the benefits of micro-banking, using Gemalto smart cards, as part of FINO's broader branchless banking program. FINO is a business and banking research platform combined with extensive services delivery channel. It has achieved breakthrough in scale and access to affordable financial services to the unserved and underserved masses, totaling 42 million clients in India. More than half of India's adults today are nevertheless not served or pursuant to this agreement-served by the finance sector1, creating an immense need for financial services to be made accessible to India's 1.2 billion population.

FINO's transactions are validated using biometric authentication, providing one of the highest degrees of digital security available. End-user card transaction is approved afterwards 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 day in day out transactions. This is just one way clients can bank with FINO, which as well 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 as well 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 just as deposit remittances, savings, loans, insurance and e-purses.

"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 as well already enabled the implementation of various social and Government schemes, and Gemalto is committed to supporting them and growing this new business potential."

About GemaltoGemalto is the world leader in digital security with 2010 annual earnings of €1.9 billion and over 10,000 employees operating out of 87 offices and 13 Innovation & Development centers in 45 countries.

The heart of our evolving digital society

Gemalto is at the heart of our evolving digital society. Billions of people worldwide increasingly want the freedom to communicate, travel, shop, bank, entertain, and work-anytime, anywhere, in ways that are convenient, enjoyable and secure. Gemalto delivers on the growing demands for personal mobile services, identity protection, payment security, authenticated online services, cloud computing access, modern transportation, e-healthcare and e-government services. Gemalto does this by providing secure software, a wide range of secure personal devices, and managed services to wireless operators, banks, enterprises and government agencies.

Gemalto is the world leader for electronic passports and identity cards, two-factor authentication devices for online protection, smart credit/debit and contactless payment cards, as then as subscriber identification modules and universal integrated circuit cards in mobile phones. As well, in the emerging machine-to-machine applications Gemalto is a leading supplier of wireless modules and machine identification modules. To operate these solutions and remotely manage the software and confidential data contained in the secure devices Gemalto as well provides server platforms, consulting, training, and managed services to help its clients achieve their goals.

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