Zwipe biometrics selected by APAC payment card manufacturer as white paper on fraud published
Asia Credit Card Production Ltd. (ACC) has selected Zwipe to provide biometric technology for a range of payment products and services including cards, wearables, enrollment and customer onboarding solutions, according to a company announcement.
ACC is a Hong Kong-based specialist smart card manufacturer, with an extensive smart card portfolio and a large global client base in a range of industries, the announcement says. The manufacturer has begun integrating the biometric inlay platform from Zwipe into its production facility to prepare for Zqipe Pay ONE’s launch when it becomes available later in the year.
“We strongly believe that biometric payment cards are the future and there is a strong market for payment cards in the fast-moving Asia Pacific region even in the face of surging smartphone use. Working now to integrate Zwipe’s technology, we are confident that we will have a truly disruptive offering that will enable us to significantly grow our banking customer base in the region and beyond,” says Asia Credit Card Production Ltd. Managing Director Gary Li.
ACC is currently working at full capacity, and has committed to issuing biometric payment cards this year. The company is also in the application process for certification with a full card scheme to expand its offerings to issuers in the region.
“We continue to build our global portfolio of customer relationships, which will be instrumental in the roll-out of future products. The partnership with ACC will further broaden our access to the Asian markets,” states André Løvestam, CEO of Zwipe.
Zwipe also partnered with another Hong Kong-based card manufacturer, Toppan Forms Card Technologies earlier this month.
White paper says biometric payment cards could reduce fraud by 52 percent
The 12-page report explores the challenge of payment card fraud, which is estimated to be a $28 billion problem globally, examining the issue by fraud method and region. Payment card fraud is also rising with The Nilson Report estimating $40.63 billion in losses in 2027.
The role of biometrics in reducing such fraud is considered in the second half of the paper. The move to raise contactless spending limits in many countries has only increased the opportunity for card-present payment card fraud, an opportunity which fingerprint authentication could eliminate. For card-not-present (CNP) transactions, businesses can leverage biometric payment cards through mobile apps or USB card readers.
Ultimately, adopting biometric payment cards can help vendors meet the strong customer authentication (SCA) requirements of PSD2, and can reduce fraud costs by 52 percent, according to the white paper.
Goode Intelligence has previously forecast 579 million biometric payment cards will be in use globally by 2023.