Gemalto announced that 10 million Financial Inclusion Network & Operations (FINO) customers in India now benefit and take part in micro-banking, using Gemalto smart cards, as part of FINO’s broader branchless banking program.
FINO’s transactions are validated using biometric authentication. End-user card transactions are approved after fingerprint information is verified through payment terminal readings and the card embedded software processing at business correspondents of FINO.
Business correspondents of FINO, called Bandhus, move around by bicycle or motorbike to provide door step delivery of services, carrying a portable smart card reader to help villagers with their everyday transactions.
Each Gemalto-powered 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.