Biometric payment cards from Zwipe and Indian manufacturer approved by Visa
Cards from the partners can now be used across Visa’s global payments network. Zwipe received an LoA from Visa for its platform earlier this year, setting up the latest approval.
KL Hi-Tech was the second-largest payment card manufacturer in India and 31st in the world, according to the 2020 Nilson Report. Those figures were current when Zwipe and KL Hi-Tech first partnered up, in April of 2021. Since, biometric payment cards produced by the partners were selected by Easy Pay for pilots ahead of a launch planned for this past summer.
“This LoA comes at a point in time where we are seeing strong interest from issuers in our core markets to launch biometric payment cards based on the Zwipe Pay platform,” says Kartik Shekar, VP at KL Hi-Tech. “This is an important milestone in our journey towards developing biometric solutions for the Fintech & Banking industry in the region and enabling a more secure and seamless user experience. Given India’s appetite for the next generation of payments, and the mass adoption of digital payments, biometric cards will only supplement the country’s vision to bring technology and finance together for years to come.”
“Achieving this key milestone has a very positive impact on the commercial rollout of Zwipe Pay enabled biometric payment cards in the region,” says Zwipe CEO Robert Puskaric.
Zwipe reported significant gains in revenue in the third quarter of this year, but also an increasing cash flow challenge.