Biometric technology developer Zwipe has partnered with TAG Systems Group to build a commercial biometric payment card.
The new card will include a secure at-home enrolment solution to ease the setup period.
Tag Systems is a payment card manufacturer and works with a variety of financial institutions across Northern Europe, and European challenger banks.
It has designed a number of payment card types, including traditional chip and PINs, but also a contactless payment sticker which can turn any smartphone into a payment device. Users simply stick the product to the back of their phone and can then can it at POS terminals to complete transactions.
The company will support the commercialisation of the biometric card and integrate the Zwipe solution into its card manufacturing, personalization and fulfilment services.
TAG Systems CEO Jon Neeraas said, “We are excited to launch this partnership with Zwipe leveraging their expertise and intellectual property in this emerging product vertical.
“We work with some of the world’s largest and fastest growing challenger banks and see their capability to launch new products in high volume, we believe financial institutions can embrace this biometric payment card technology and successfully scale up.”
Earlier in the year, Zwipe secured $14m in a funding round, closing ahead of its planed release of trading on Merkur Market, Oslo Børs. This investment came from unnamed institutional and professional investors as well as a number of members of public in Norway and Sweden.
The RegTech recently launched a new European tech hub in Germany to support its existing R&D office in the US.
Copyright © 2018 RegTech Analyst
