Biometric payments are coming as Zwipe raises $14m

Biometric payments are coming as Zwipe raises $14m

Zwipe, the startup that wants to put biometric fingerprint readers in our credit cards, has raised $14 million in funding from investors in Norway and Sweden, after a new share offering. The Zwipe payment solution is the world’s first commercially available fingerprint activated payment card.

It certainly looks futuristic. Rather than use the tried and tested chip and PIN method, Zwipe cards use a combination of contactless payment technology and biometric fingerprint scanning to authorize transactions. The card harvests the energy needed to operate using NFC. The company says its payment system combines the speed of contactless with the security of biometrics.

The tech itself is still at the pilot stage, and has been deployed in Italy with Intesa Sanpaolo Bank as well as with 10 banks in the Middle East. Now, with this new investment, Zwipe is pursuing partnerships globally with hopes of bringing its biometric payment card to market this year.

Investors are excited, at least if Zwipe's latest round of fund-raising is to go by. The startup offered six million new shares which attracted strong interest from institutional and professional investors as well as the general public, raising 120 million Norwegian krone (14 million USD) in the process. The share-offering, which was over-subscribed, was ahead of a planned admission to trading on Merkur Market, Oslo Børs.

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NFC and Touch ID combined? / © Zwipe

André Løvestam, CEO of Zwipe, said: "Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. We are confident that our industry-leading technology and partnerships will secure a strong market position both in the short and long-term."

Løvestam added that thanks to the new funding received, the company can now intensify its efforts to support its customers and partners in making convenience secure.

Commenting on the capital raise Jörgen Lantto, Chairman of the Board of Zwipe, said: "The company seeks to capitalize on its strong position in the biometric payment marketplace and as the payment industry moves towards bringing biometric payment cards to consumers." He also thanked existing shareholders for their continued support.

What do you think? Would you be interested in using this kind of payment tech?

Via: TechCrunch Source: Zwipe

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  • Gavin Runeblade Jan 22, 2019 Link to comment

    I don't see the advantage over using a phone for payment. Unless it is meant to appeal to people who are resistant to using their phone. It still has all the weaknesses of a credit card. When you use this or any other credit card your data is stored by every merchant so no amount of protection on the card will give you any increased safety vs a hacker who downloads all or part of the merchant's database.

    In contrast, when I use my phone for a payment blockchain inherently DOES protect vs hackers. And really this is my biggest reason to get away from credit cards: the more credit card fraud and theft happens, the more security they add in the places where it does us no good.

  • harshatecordeon Jan 22, 2019 Link to comment

    Superb information..