OSLO, Norway and CHENNAI, India, May 10, 2021 /PRNewswire/ -- FSS (Financial Software and Systems), a leading global provider of integrated payment products and a payment processor, is partnering with Zwipe to bring next generation contactless payment cards to issuers globally. Zwipe is a payment FinTech recognized for having pioneered the development of biometric payments and has delivered many successful pilots around the world.
FSS is among the leading providers of card issuance products globally and its card portfolio consists of 800 plus million payment cards for Tier One banks and payment processors. The organizations will collaborate closely, offering greater value to customers by combining FSS's Unified Issuance Platform and Zwipe Pay One biometric card capabilities, supported by Zwipe's fast-growing global network of card manufacturing partners.
The widespread adoption of contactless payment cards has been a huge success in recent years1. The Covid-19 pandemic has accelerated the use of contactless payments even further as consumers demand a safe, contact-free transacting environment. However, the lack of cardholder authentication with contactless cards translates into usage being restricted to relatively small and medium value payments, hampering the ability to deliver a fully contact-free experience for all payment values. The response to this is the biometric payment card that fully enables contact-free transactions while boosting confidence and security for consumers, retailers and issuers.
Commenting on the partnership K Srinivasan, Chief Operating Officer, FSS PayTech, said "Biometric payment cards will bring strong differentiation and value uplift to our card issuance and management offerings. Our partnership with Zwipe will help our issuer clients to deliver a completely touchless and PIN-free check out experience, better in-store payments hygiene and much stronger cardholder security. Needless to say, now more than ever, innovation can play a critical role within the context of the global pandemic which makes it even more important to bring solutions such as this quickly to our customers. Zwipe Pay ONE is recognized as the most advanced (Gen3) biometric payment technology and complements FSS' innovative card portfolio. It will be made available to our clients for piloting and deployment from H2 2021".
As part of this collaboration, FSS will offer Zwipe Pay ONE biometric payment cards globally. The initial focus will be in those markets where contactless is bringing considerable benefits in the area of financial inclusion as seen in Canada, India and a number of countries within Europe, Middle East (GCC countries) and Africa. Both partners will start engaging with issuers from Q2 2021 and aim for starting pilots from 2H 2021.
"We are humbled and proud to partner with FSS, one of the most respected and global providers of payment services. This is a landmark agreement for Zwipe and will significantly accelerate our growth globally, most notably in Asia, the world's largest payment market," said André Løvestam, CEO of Zwipe.
This is information that Zwipe AS is obliged to make public pursuant to the Continuing obligations of companies admitted to trading on Euronext Growth Market Oslo, Nasdaq First North Growth Market and the EU Market Abuse Regulation. Certified Adviser on Nasdaq First North is FNCA Sweden AB, [email protected], +46 (0) 8528 00 399. The information was submitted for publication, through the agency of the contact person set out below, at 10:05 CEST on 10 May 2021.
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 30+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK, Europe, ME, Africa, and APAC and has 2,500 experts on-board. For more information visit www.fsstech.com
Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards components and wearables technology that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is "Making Convenience Safe & Secure" for banks, merchants and
consumers. Zwipe's solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact free. To learn more, visit www.zwipe.com
For further information please contact: André Løvestam, CEO, +47 991 66 135 [email protected]
1 A recent study by Mastercard shows considerable consumer uptake on contactless payments.
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FSS selects Zwipe Pay ONE for Next-Generation Contactless Cards to be offered globally
SOURCE Zwipe AS