Microfinance Focus, December 19, 2011: Under Financial Inclusion Network & Operations – FINO’s branchless banking program, ten million customers are doing microbanking using smart cards.

Offered by Gemalto, ‘one-card-does-all’ solution is one of the key enablers to deliver FINO’s vision of making financial services available to everyone in India, especially in rural areas.

“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”, said Manish Khera, Chief Executive Officer, FINO.

FINO is a business and banking technology 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 customers in India.

“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.”

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.

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.