FSS Selects Zwipe Pay ONE for Next-Generation Contactless Cards that will be Available Worldwide
FSS, Zwipe | May 10, 2021
FSS (Financial Software and Systems), a leading global supplier of electronic payment products as well as a payment processor, is collaborating with Zwipe to offer next-generation contactless payment cards to issuers around the world. Zwipe is a payment FinTech known for leading the advancement of biometric payments and delivering many active pilots around the world.
FSS is one of the world's largest suppliers of card issuance products, with a card collection that includes over 800 million payment cards for Tier One banks and payment processors. The companies will work closely together to provide greater value to customers by merging 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 companies will work closely together to provide better value to customers by integrating FSS's Unified Issuance Platform and Zwipe Pay One biometric card capabilities, which will be backed by Zwipe's rapidly expanding global network of card manufacturing partners.
In recent years, the universal acceptance of contactless payment cards has been a major success. The Covid-19 pandemic has intensified the use of contactless payments ever further, as customers seek a safe, contact-free transaction environment. However, due to the lack of cardholder security of contactless cards, use is limited to comparatively small and medium value purchases, limiting the potential to provide a fully contact-free experience for all payment values. The biometric payment card, which completely facilitates contactless transactions while increasing consumer, retailer, and issuer confidence and security, is the response.
Commenting on the collaboration "Biometric payment cards will add good distinction and value uplift to our card issuance and management offerings," said K Srinivasan, Chief Operating Officer of FSS PayTech. Our collaboration with Zwipe will allow our issuer clients to have a fully touchless and PIN-free check-out experience, improved in-store payment hygiene, and significantly increased cardholder security. Needless to mention, in the light of the global pandemic, innovation will play a vital role, making it much more important to get solutions like this to our customers as soon as possible. Zwipe Pay ONE is the most sophisticated (Gen3) biometric payment technology available, and it complements FSS's innovative card portfolio. It will be available to our clients for piloting and deployment beginning in H2 2021."
FSS will sell Zwipe Pay ONE biometric payment cards internationally as part of this partnership. The initial emphasis will be on markets where contactless is providing significant benefits in terms of financial inclusion, such as Canada, India, and several countries in Europe, the Middle East (GCC countries), and Africa. Both partners intend to begin engaging with issuers in Q2 2021 and launch pilots in the second half of 2021.
"We are honored and proud to collaborate with FSS, one of the most reputable and globally recognized payment service providers. This is a historic agreement for Zwipe that will significantly accelerate our global growth, especially in Asia, the world's largest payment market "Zwipe's CEO, André Lvestam, said
About FSS
Financial Software and Systems (FSS) is a market leader in payment processing and transaction technology. Over 30 years of experience, the company has developed an integrated range of software products, hosted payment systems, and software solutions. FSS is an end-to-end payments product platform that powers retail delivery channels such as ATM, POS, Internet, and Mobile, as well as essential back-end functions such as card management, reconciliation, settlement, merchant control, and device monitoring. FSS, headquartered in Chennai, India, serves leading multinational banks, financial institutions, processors, central authorities, and governments in North America, the United Kingdom, Europe, the Middle East, Africa, and the Asia Pacific.
About Zwipe
Zwipe is a leader in the next generation of contactless payments, offering biometric payment card components and wearables technologies that enable customers to approve purchases with their fingerprints while maintaining their privacy. Zwipe, in collaboration with an ecosystem of partners that includes major brands in digital security and financial services, is "Making Convenience Safe & Secure" for banks, merchants, and customers. Traditional authentication methods have hygiene and data theft flaws, which Zwipe's solutions solve. Zwipe is based in Oslo, Norway, and with a global reach, is leading the next big change in payments from contactless to contact-free.