Zwipe Moving Ahead with Fingerprint-Scanning Credit Card
Norwegian startup Zwipe is making significant advancements with its fingerprint ID technology, thanks to new financial backing from Photon Future. The Series B funding, topping off at $5 million, will allow the company to launch its contactless, biometric credit card as early as the first quarter of next year.
Zwipe first came to light more than a year ago when they partnered with MasterCard to work on the world’s first contactless credit card with a built-in fingerprint scanner. At that time, the plan was to get the card on the market by the end of this year, but some delays have pushed it to early 2016.
The Zwipe card uses its integrated fingerprint scanner to identify who you are when you use your card. This information is stored on the card itself, not on the cloud or an online server. The Zwipe card works much like any other contactless card, but doesn’t require a PIN or signature for identity verification. Instead, the card comes with a fingerprint scanner on the front that authorizes transactions on the spot. Simply place your finger over the chip and hold the card near the scanner. This makes it far less likely for someone to steal your information.
Biometrics technology has made huge strides over the last few years, with heartbeat scanners and facial recognition also in development. As Zwipe and other innovators create new solutions for the future, we may get one step closer to finally having a more secure credit card network.