FAMOCO: A French Company Providing Solutions to Meet Digitization Needs in India

NEW DELHI, February 28, 2018 /PRNewswire/ --

It is estimated that by 2050, India will have a population of 1.7 billion and its urban population, boosted by rural exodus, will be around 850 million inhabitants which is the double of the existing population. In light of these colossal challenges and since the need for digitization is high, French company FAMOCO, the leader in secure professional devices, has opted to make India its primary development market in collaboration with the country's leading national bank, State Bank of India (SBI) and partner system integrator.

     (Logo: https://mma.prnewswire.com/media/647507/FAMOCO_Logo.jpg )

FAMOCO offers unique solutions to meet the everyday consumer problems by enabling transactions digitally in India.  

Since the demonetisation in November 2016, FAMOCO's solution has provided a response to the recurring problems associated with the shortage of money in small denominations and the banking needs of people. The lack of cash is a real national issue, which has affected the most vulnerable populations. A lot of people in India do not have access to the financial services provided by traditional banks and therefore face difficulties with their day-to-day needs.

Working with its Indian partners, FAMOCO has a closed loop transaction solution used by thousands of shopkeepers that simplifies low-value transactions. Currently being tested in several regions, FAMOCO payment cards and devices - which are far less expensive but just as secure as traditional payment solutions - provide a way of paying even the smallest amounts in shops and caf├ęs, as well as for access to public transport. The introduction of digital transactions is helping combat the informal economy and gives people the opportunity to open a cashless account. It represents a significant improvement in people's day-to-day lives and offers the possibility to access microcredits. The company's aim is to roll out its solution across the country once the testing phase is complete.

Digitization to meet urbanization challenges 

According to a report published by the United Nations, India - the fifth largest global power in 2018 - is likely to have an additional 433 million city dwellers by 2050, taking the proportion of people living in urban environments from a third to almost a half.[1] With this in mind, the country is going to face huge challenges in terms of improving its infrastructure and resource management.

Payment, biometric identification, the traceability of goods and people, as well as problems associated with waste processing and recycling, all represent opportunities for FAMOCO to support the transition.

As Lionel Baraban, Managing Director of FAMOCO, explains, "The authorities are looking for the most secure, flexible and inexpensive products to respond to the major issues India is facing. Our solutions offer a response to some of these issues, in areas such as payment, urban mobility and biometric identification, thanks to our cooperation with IDEMIA. India is a strategic market for FAMOCO: it was in New Delhi, in January 2016, that we chose to establish our first office abroad, while other high-tech companies usually look to the United States. That decision marked our commitment to contribute to India's economic and social development as a French technological and business partner."

Apart from the business aspects, FAMOCO is developing a truly long-term approach to the country, by supporting a more virtuous and efficient economy. The company counts 10% of Indian nationals in its workforce globally. In addition to their technical skills, they also bring their cultural knowledge of the country to the business.

About FAMOCO:   

FAMOCO is a French company that designs secure professional devices to support businesses in their digital transformation in five sectors: payment, mobile working, logistic, identification and urban mobility. Created in 2010 by two Frenchmen, Lionel Baraban and Nicolas Berbigier, FAMOCO has already sold more than 180,000 devices to 450 customers in 30 different countries.

The company has 80 employees in four offices: Paris, Brussels, New Delhi and Singapore. It generates 80% of its sales abroad with a prestigious client list that includes Orange, Alipay, Atalian, Gemalto and others.

For further information visit: http://www.famoco.com

About Business France: 

Business France is the national agency supporting the international development of the French economy, responsible for fostering export growth by French businesses, as well as promoting and facilitating international investment in France. It promotes France's companies, business image and nationwide attractiveness as an investment location, and runs the V.I.E international internship program. Business France has 1,500 personnel, both in France and in 70 countries throughout the world, who work with a network of public- and private-sector partners. For further information, please visit: http://www.businessfrance.fr and youbuyfrance.com.in.

[1] World Urbanization Prospects, UN, 2014, https://esa.un.org/unpd/wup/publications/files/wup2014-highlights.pdf

Company Contact:
Mr. Ronan Bardet
Agence Influences
Tel: +33-1-44-82-67-05
@: r.bardet@agence-influences.fr

Media Contact:
Purva Marwaha
Trade Officer
Business France



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