Biometric technology company Zwipe is pleased to announce that it has secured two new orders for its biometric payment solution, the first coming from an undisclosed customer in Asia and the second coming from a global tier-1 card manufacturer.
Biometric technology company Zwipe is pleased to announce that it has secured two new orders for its biometric payment solution, the first coming from an undisclosed customer in Asia and the second coming from a global tier-1 card manufacturer. These customers will deploy cards with Zwipe’s biometric payment solution in Q3 and Q4. Zwipe expects to see its technology in payment cards deployed in Europe and Asia with these two customers and others this year.
The uniquely designed solution consists of an electronic inlay so thin and flexible that it can be embedded into existing payment cards, which must adhere to strict thickness, bend and torsion guidelines. Combining existing EMV infrastructure with an added layer of security, the inlay integrates an off the shelf fingerprint sensor with Zwipe’s biometric engine and power harvesting technology to allow only the authorized user to complete both contactless and contact transactions with the card, without the need for a battery. It is compatible with standard contact or contactless point of sale terminals, which provide the power necessary to operate the biometric payment card.
Zwipe’s biometric payment solution directly addresses multiple types of fraudulent activity. According to a recent report by the British Broadcasting Corporation (BBC), contactless fraud in the UK has seen a dramatic spike since its introduction, doubling from 2015 to 2016. Due to this enhanced security, enabled by biometrics, users would also be able to make contactless payments without transaction limits. As the entire payment ecosystem, from bank to merchant to customer is more secure.
Speaking on the order, Kim Humborstad, CEO of Zwipe said, “integrating biometrics into payment cards is a logical thing to do, however, to work in scale it needs to be practical, user friendly and function without the need for a biometric database. Our technology addresses this directly.” Adding “these orders reflect the progress Zwipe has made as a company, both with regards to our strong commercial partnerships and how our technology has matured.”
Zwipe will be hosting an event in Oslo today, where the company plans to share more details on its recent progress and strategic direction.