Innovayt has assisted the listed Norwegian company IDEX ASA and its French partner UNIT to secure a Eurostars grant for developing a more secure smart card tailored for use in contactless payments through NFC technology. The project received a very favourable evaluation; the proposal was ranked as number one of all Norwegian proposals and ranked as number five in Europe.
Ralph W. Bernstein, CEO of IDEX, is very pleased and concludes, "This is a strong and firm recognition of the work IDEX has carried out in its development of the SmartFinger technology, and it confirms that the technology will contribute to solve the problems related to card fraud and ID theft. The technology risk is inherent in the innovative phase, and is one of the criteria for the support grant".
The planned project period is two years and total cost amounts to more than DKK 11 million, shared equally between the partners. The approved support grant will cover about half the cost.