Financial Information Network & Operations (FINO) has introduced smart-card technology with biometric authentication from Gemalto in India, to accelerate the deployment of micro-banking in India
The Gemalto technology stores transaction records inside the smart card to enable micro-banking and is designed to simplify access to financial services for the under-banked population in rural India. FINO provides end-to-end core banking technology, including smart cards, to micro-finance partners, banks and non-governmental organizations involved in serving low-income households in the urban and rural regions in India as business correspondents of large institutions. The card provides financial services like deposit remittances, savings, loans, insurance and e-Purses. Additionally, the card also acts as an electronic statement to log all transactions, with the ability to store the last 150 transactions.