Zwipe provides Q1 update
23 April 2019 16:17 GMT

Norwegian biometric card firm Zwipe has written an update on its overall progress.

In it, the firm said 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’s ambition is that Zwipe’s industry leading technology and partnerships will secure a strong market position".

André Løvestam, Chief Executive Officer at Zwipe, said:

“Throughout the first quarter, we have continued to execute on our Generation NxT program, focusing on technological and supply chain advancements and cost reductions, making sure we have a competitive offering available as the industry is moving forward towards making biometric payment cards an offering to paying consumers. We have also made progress in ongoing pilots and continuously gained valuable feedback, enabling us to develop our products’ performance and functionality to even better meet the needs of the marketplace. We remain dedicated to ensuring continuous organizational improvements, which will be a vital differentiating factor as we move towards the large-scale, commercial adoption of biometric payment technology.

A strong and diverse partner ecosystem will also be increasingly important going forward. We see a trend that stakeholders across the value chain are branching out to multiple partners to reduce dependency on single partners or technologies, and we expect banks, payment networks and card manufacturers alike to secure at least dual-sourcing of their solutions for continuity of supply and general risk mitigation."

On 21 January 2019, Zwipe announced the successful completion of a NOK 120 million capital raise from an offering of new shares.  The offering was substantially over-subscribed, attracting strong interest from institutional and professional investors as well as retail investors in Sweden and Norway.