Zwipe ‘at Forefront’ of Shift to Biometric Payment Cards in Q1 Update

Zwipe 'at Forefront' of Shift to Biometric Payment Cards in Q1 Update

Zwipe has issued a corporate update for the first quarter of the year, depicting its continuing focus on the emerging biometric payment cards market.

In its update, the fingerprint biometrics specialist asserted that it’s participating “in the majority of ongoing biometric payment card pilots in collaboration with partners in Europe and the Middle East,” adding that it has also established new partnerships in Europe and Latin America in the latest quarter. “Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth,” the company stated.

Elaborating further on this point, Zwipe CEO André Løvestam emphasized his firm’s expertise in inlays for biometric payment cards. “The feedback we have received and the experiences we have gained as supplier of inlays to the absolute majority of battery-less contactless biometric payment cards pilots to date, as well as the improvements we have achieved in both improving performance and reducing manufacturing cost for our Generation NxT-based inlay… make us confident that we remain well-placed to be a leading supplier of inlays in this phase,” he said.

As for fiscal results for the quarter, Zwipe said its revenues “were negligible”, while ‘total cash burn’ for Q1 amounted to NOK 46.4 million. The company also noted that it had received NOK 10 million of an NOK 23 million European Union grant in April, and that it expects to receive a grant of NOK 5 million from the Norwegian government in the fourth quarter of this year.

The corporate update came alongside Zwipe’s announcement that it will hold its Annual General Meeting on May 14th, 2019. The meeting will be held at the office of the Simonsen Vogt Wiig law firm, with notice of attendance required by 16:00 CET on May 13th.

April 25, 2019 – by Alex Perala