Zwipe has issued an operational update for the first quarter of 2022, showing continued efforts to prepare for the mass commercialization of biometric payment cards featuring its technology.
As has been the case in previous updates from the fingerprint recognition specialist, its financial results show little progress, but are also somewhat beside the point. Sales for the quarter amounted to about NOK 0.6 million, and monthly operational cash flow was down NOK -8.3 million from NOK -6.3 million in Q1 of 2021, a change that Zwipe attributed to “planned increases in activity in the company as Zwipe has grown its staff in response to the increased demand for piloting and deployment of our payment and access control solutions and services.”
The explanation gestures to the real substance of Zwipe’s business update, which encompasses a range of activities that indicate the company is on track toward anticipated commercial success as more fingerprint-scanning payment cards enter the mainstream market.
From the perspective of Zwipe CEO André Løvestam, the most important of these developments was Visa’s issuance of a formal Letter of Approval for the Zwipe Pay platform – a “major certification” that clears the way for Zwipe Pay’s implementation in Visa cards globally.
“With this, the Zwipe Pay biometric payment card platform is the most advanced and cost-effective certified solution available to smart card manufacturers globally,” Løvestam explained. “The LoA enables our customers to swiftly obtain VISA certification for their own biometric payment card designs for full-scale production and issuance in any global territory.”
There were plenty of other signs of progress during the quarter, as well, in the forms of new customers, partnerships, and pilot projects. Among other highlights, Løvestam pointed out that from January to mid-April, Zwipe established pilot partnerships with six new issuers across the Middle East, Africa, and APAC regions. And beyond the payments sector, he said the company is seeing “fast-growing interest” in its Zwipe Access solution for physical access control, with Fraport AG having recently signed on to test the biometric card-based system at select airport checkpoints, and LEGIC integrating Zwipe Access into its own security platform.
“All in all, our long-term optimism has only been strengthened with another solid quarter,” Løvestam said. “We firmly believe that millions of consumers everywhere will be using Zwipe enabled biometric payment and access cards in the years to come.”
April 29, 2022 – by Alex Perala