Zwipe and Inkript collaborating to bring biometric payment cards to market
Zwipe has partnered with Inkript to launch biometric payment cards. Inkript is a digital security provider with manufacturing facilities in Lebanon and Saudi Arabia certified by Visa and Mastercard for EMV cards production. The Resource Group subsidiary shipped more than 70 million smartcards in 2018 to customers across the Middle East, Africa and Europe.
Zwipe and Inkript will collaborate technically and commercially to bring biometric payment cards to market. According to the announcement, several banks have expressed interest to pilot the offering, with the first pilots expected to launch before year-end.
“Biometric payment cards add a valuable layer for secure payments and banks are keen to have this innovative product,” said Hisham Itani, chairman and CEO of Resource Group. “Our partnership with Zwipe, a proven technology leader in this emerging market, is introducing a cutting-edge biometric solution to financial institutions in the region and we are happy to be among the first movers.”
“We are excited to partner with Inkript to introduce and deploy our technology with their customers,” added Zwipe CEO André Løvestam. “Based on the positive feedback from the successful pilots in the region, we are confident that the market is primed for growth.”
Despite negligible revenues in Q1 2019 and a cash burn rate expected to increase going forward, Zwipe believes it will remain fully funded through 2019 and into 2020, and remains optimistic that it is positioned to be a leading supplier in the biometric payment card market.