Zwipe has received a follow-up order for its biometric payment card solution from an existing customer, signaling growing market interest in the technology.
The company first announced its partnership with Inkript in 2019. The latter is a Beirut-based subsidiary of Resource Group, and is certified by Visa and Mastercard. Inkript serves the EMEA region, and ships tens of millions of cards annually.
Following initial pilots, Inkript placed what Zwipe now describes as “a small-scale order” of its Zwipe Pay ONE solution in 2020. Zwipe’s solution is a biometric solution enabling card makers to integrate fingerprint-based authentication into their payment cards, allowing for biometric authorization of transactions.
Now, Inkript has placed a larger order valued at $318,000, with the companies indicating in a statement that they are both “experiencing strong interest from issuers aiming for pilots this year and planning for commercial rollouts in 2022.”
“There is a growing need for sustainable, secure and user-friendly payment solutions in the MEA region, addressing the concerns of both customers and financial institutions,” explained Inkript Managing Director Riad Itani.
For Zwipe, the order offers the latest indication that its focus on the nascent biometric cards market will reap rewards, arriving on the heels of the company’s announcement that an unnamed Tier-1 bank based in Europe has committed to a biometric payment card pilot using Zwipe’s solution.
“It is encouraging that the early interest shown in Zwipe Pay ONE in the Middle East has now been converted into our first, sizeable order for our product from Inkript,” said Zwipe CEO André Løvestam. “Their willingness to be one of the first smart card manufacturers to bring Zwipe Pay ONE powered biometric cards to issuers and card personalization bureaus in the MEA region demonstrates their leadership in this area.”
Løvestam indicated that Zwipe Pay ONE has passed the major development milestones and obstacles in a letter to shareholders earlier this summer, suggesting the solution was on track for piloting, certification, and, ultimately, commercialization.