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IDEMIA and ZWIPE co-investing in Disruptive Platform using Biometric Payment
Do you use contactless payment?
If you are used to contactless payment, the partnership to be described interests you. In the other hand, if you are not used, it’s an opportunity to know about this upcoming innovation.
Two leading companies, IDEMIA and ZWIPE, in their respective segments, Augmented Identity and Payments Technology, have signed a partnership and distribution agreement for the development of a high tech disruptive payment platform. The companies are co-investing in this platform combining biometrics and payment cards.
This shared vision between companies will significantly reduce the complexity and the cost of biometric payment cards, from design passing by operation and final production. The objective is to provide cutting-edge technology on payments with mass volume of cards. As a consequence the price related to biometric cards will drop considerably.
Technically, the number of components in the card will be reduced to ONE. A single chip will do the job of a secure element, a microcontroller and other thirty external components previously required on the PCB (Printed Circuit Board).
The biometric card allowing the replacement of 4 digits code to your fingerprint will take off after 2020. The new technology will be available in 2020, but high volume and affordability will happen in 2021.
One of the great impacts will be contactless payment without a maximum quote/ payment ceiling.
< This is a strategic, high profile project for IDEMIA. We are very excited about what this platform will enable in terms of market growth and the penetration of biometric payment cards. IDEMIA is delighted to partner with Zwipe, a company with a solid intellectual property portfolio and an expanding global customer network; we are confident that our new solution will command a leading position in the marketplace. >
Amanda Gourbault, Executive Vice-President for Financial institutions activities at IDEMIA
When the biometric card becomes available, Zwipe will have the right to commercialize it worldwide and provide to other manufacturers the solution in payment cards, wearables and other payment solutions. Idemia on its side has the ownership of the technology and will commercialize the FCODE solution, the already existing biometric card to Financial Institutions Customers.
Again Idemia is impacting the market with a disruptive solution, bringing the right partner to add value and drive a tremendous growth in biometric cards market.
<We are excited and proud to enter a significant partnership with IDEMIA, a prominent global industry leader. The platform represents a technological leap that will serve as a catalyst to enable full biometric payment card costs to come down significantly, driving mass volume market growth and complementing our current and future product portfolios. We look forward to bringing this platform to our customers to continue to shape the biometric payments industry.>
André Løvestam, CEO of Zwipe
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