Biometric payment card progress pushes Zwipe quarterly revenues up 96 percent from a year ago
Zwipe revenues have begun to recover on the strength of its Pay ONE biometric payment card platform, launched for public demonstration in late-April, according to the company’s first-half 2021 report.
The company booked second quarter revenues of NOK 952,000 (roughly US$108,000), a 96 percent increase over the same quarter in 2020, for an after-tax loss of NOK 10,514 ($1,189), or a loss of NOK0.32 per share, compared to losses of NOK 15,842 ($1,792) and NOK0.62 per share a year earlier. First-half 2021 results showed similar improvement. The company reported NOK 1.5 million ($170,000) for full-year 2019, though with an NOK 1 million quarter.
First half highlights for Zwipe include collaborative agreements with major payment service companies, including FSS, Network International and MEPS, expanding its biometric payment cards projects on several continents. The company reached six delivery agreements with smart card manufacturers jointly issuing 200 million payment cards per year. The MEPS deal has since advanced to a pilot by 20 decision-makers with banks and issuers in the Middle East.
“During the first half of the year, Zwipe Pay ONE and our compelling end-to-end offering continued to drive interest from all stakeholders in the payment ecosystem,” comments Zwipe CEO André Løvestam in the announcement. “Thanks to continued strong and growing global interest in biometric payment cards among Smart Card Manufacturers, Personalization Bureaus, Payment Processors, and Financial Institutions, we have expanded our ecosystem in all these categories and will continue to further strengthen our foundation for future market success.”
Løvestam says the number of customers selecting Zwipe Pay ONE reflects the biometric technology’s uniqueness and competitive differentiation.
Following the end of Q2, the company signed a deal to supply Zwipe Pay ONE to Taiwan’s BCC for $1.9 million, surpassing its total sales for the last several years.