Zwipe and Infineon partnership focuses on tap and go payments for biometric cards
Zwipe and Infineon have extended their partnership with a long-term non-exclusive cooperative agreement to co-define and develop advanced system-on-chip solutions and card system designs for mass deployment of biometric smart devices, including payment cards and wearables. The agreement outlines both technical and commercial collaboration between the two companies.
Building on a long-standing relationship, this cooperation effort is currently concentrated on ‘tap and go payments’ with biometric cards to improve the user experience without compromising on security while meeting strong customer authentication PSD2 requirements in Europe.
“We are proud to strengthen our long-standing partnership with a global technology leader such as Infineon,” says André Løvestam, CEO of Zwipe. “This collaboration further enhances our ability to commercialize our technology and IP through competitive solutions for mass-volume deployment.”
Working together, the two technology companies will seek to develop advanced integrated solutions optimized to the volume requirements of biometric dual-interface payment cards. The platforms being developed combine simplified card design with reduced bill of material.
“Our collaboration and joint offering with Zwipe is a key accelerator of mass deployment in the biometric payment market,” adds Bjoern Scharfen, head of Payment & Wearables at Infineon.
Infineon’s Secure Element is now deployed in all pilot projects featuring Zwipe’s biometric payment platform and currently supports multiple leading payment networks run by 12 major banks across Europe and the Middle East.
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.