FPC CEO Christian Fredrikson on Q1 2020 Results - Earnings Call Transcript

FPC CEO Christian Fredrikson on Q1 2020 Results - Earnings Call Transcript

https://seekingalpha.com/article/4342699-fingerprint-cards-ab-publ-fgrrf-ceo-christian-fredrikson-on-q1-2020-results-earnings-call

 

Fingerprint Cards AB (publ) (OTC:FGRRF) Q1 2020 Earnings Conference Call May 4, 2020 3:00 AM ET

Company Participants

Stefan Pettersson - Head of Investor Relations

Christian Fredrikson - Chief Executive Officer

Per Sundqvist - Chief Financial Officer

 

Conference Call Participants

Francois Bouvignies - UBS Investment Bank

Viktor Westman - Redeye AB

 

Operator

Ladies and gentlemen, thank you for standing by. Welcome to today's Q1 2020 Report. At this time, all participants are in a listen-only mode. There will be a presentation, followed by question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today Monday the 4th, of May, 2020.

I would now like to hand the conference over to your first speaker today, Stefan Pettersson. Please go ahead sir.

 

Stefan Pettersson

Good morning, and welcome to Fingerprint Cards Earnings Call, following the release of our First Quarter Results this morning. We'll begin today's call with a presentation of the report by our CEO, Christian Fredrikson; and thereafter, by the CFO, Per Sundqvist. And following this we'll have a Q&A session. If you're following the call on the web, you can post questions throughout the call. And for those of you participating in the phone conference, instructions on how to ask questions will be given by the operator before we get into the session.

And with that, I now hand over to our CEO Christian Fredrikson.

 

Christian Fredrikson

Yes. Thank you Stefan, and good morning everyone, and welcome to this call focused on Fingerprint's progress and performance in Q1.

 

Now Fingerprints, along with pretty much every other company in the world has been facing a difficult and unusual situation due to the coronavirus outbreak and the extraordinary measures that governments around the world have taken in order to fight the spread of the virus. I know that, many of you are wondering about the impact on Fingerprint's business, and I will get back to this shortly.

 

But in summary, we were impacted by supply chain disruptions in Asia in first quarter. This is the main reason why our revenue declined by 10% compared to Q1 last year. We did well in the market and actually increased our market share in capacitive sensors for smartphones versus the same quarter of 2019. Also, our gross margin was relatively stable at 24%.

 

If we look at our operating cash flow, it was negative SEK38 million compared to negative SEK161 million last year. Our cash position improved from Q1 last year and stood at SEK485 million at the end of the quarter. That includes also the share purchase. Our equity asset ratio improved slightly from last year to 83%.

 

Now, let me get back to discussing market launches and business development activities. So let's move to the next slide please. Let me now try to give you some more information on the impact of the coronavirus outbreak and our actions in order to mitigate. The most direct impact in Q1 was from disruptions in our supply chain. As you know business in China and businesses in China and other parts of Asia were closed for several weeks during the quarter. And our access to production capacity at external suppliers, such as semiconductor foundries was impacted. On top of this, we had difficulties due to transportation disruptions as well.

 

Now, restrictions have gradually been lifted in Asia. So the situation has improved in Asia. However, we foresee continued issues in terms of insufficient access to production capacity. Meaning, that we might not be able to deliver against all of the demand we see in the market.

 

Looking ahead, it's clear that the global smartphone market will decline this year as a result of the economic downturn although the extent is unclear. The forecast that have been published by different industry observers suggest that this market could decline by as much as 10% to 20% this year. This will of course impact our business as a bulk of our revenues come from smartphone industry.

 

Despite the challenges, I'm happy with the speed with which we were able to adapt our organization in response to the virus outbreak. Of course, a key concern for us is to protect the health and well-being of our employees, customers and partners and at the same time, contributing to the decreasing of the spread of the virus.

 

For a high-tech company like ours the R&D organization is of course critically important. We need to continue to innovate. And I am pleased that, R&D has been able to maintain full focus on our various development projects even with a lot of our staff working from home. I think that, we have probably been able to adapt faster than many other companies as we first went through the situation at our offices in Asia, already starting in February. These offices are now open again, while we have implemented home working in Europe and in U.S.

 

Our organization has been able to adapt very quickly as we have learned a lot about how to modify our work routines during the last few months. We have been able to keep our customers and R&D projects growing, despite the ongoing challenges, and I find that very good and of course very important for us.

 

Next slide please. And we were able to strengthen our position on the market during the quarter. As I mentioned before, our market share in capacitive sensors increased. And if we look at our product portfolio in this area, it is very strong with a number of newly launched sensors such as the FPC1520 and the thin FPC1540 for side-mount. These have done very well in the market.

 

The FPC1540 works very well in the most recent smartphone models. For example in the devices that are borderless or foldable. It's also encouraging that the capacitive technology is being embraced to an increasing extent in new application areas. Chromebooks is one example, where we saw Samsung Premium Galaxy Chromebook featuring Fingerprints FPC1145 sensor. The payments and access segment of the market holds great potential for us going forward and we continue to strengthen our offerings in this area as well.

 

A significant development during the quarter was the expansion of our biometric software platform. This platform was initially developed for a payments area, but it can now also enable different types of access control solutions. This software is part of the global license agreement and sensor volume agreement that was recently signed with FEITIAN in China.

 

Next slide please. If you look at the whole access control area, it is clear that the interest for biometrics is on the rise, which is also reflected in the announcement we made during the quarter, which you can see on this slide. If we look at the entire area that we call access, we see a potential market of around 1.5 billion units per year over time.

 

This area includes such products as cars, door locks remote and gaming consol controls, authentication tokens, computers and access cards. The growth in IoT is increasing the need for secure and user-friendly systems to verify personal identities. These systems must be user-friendly, cost effective and of course and not least secure which is driving the need for biometric solutions. We have a strong portfolio for access control. And as you saw, we expanded our sensor portfolio with two additional products in this area.

 

Next slide please. We continue to make progress against our strategic priorities in Q1. First, in terms of strengthening our position in the smartphone market. Our increased share of the marketing capacity sensors is testimony to the strength of our offering there. We have seen our latest generation sensors being featured in several product launches during the quarter. But in the under-display part of this market, we have not yet succeeded. I am not pleased with that. I want to be clear though that our goal of capturing a position here remains and we are continuing to run R&D tracks in this area in different time horizons. We will obviously update you as soon as significant developments occur.

 

In the payments and access area of our business, we had an eventful quarter as I have already mentioned both in terms of product and market development. I believe our expanded software platform strengthens our offering to access control segment as evidenced by our license and volumes agreement with FEITIAN. We also saw our solutions being included in recently launched Chromebooks and biometric locks.

 

Biometric continues to make inroads into new application areas, driven by the need for secure and user-friendly systems. The species segment is interesting. It has been quite slow in adapting biometrics, but we actually now see increased interest and demand in this area as well.

 

If we look at card payments, analysts do not seem to expect a major impact from the coronavirus outbreak. Although the payment card market is expected to decrease by a few percent this year. At the same time, however, contactless card penetration is expected to increase. There is a big industry push to go contactless and it looks like the switch to contactless will be accelerating.

 

For example, Mastercard is enabling 29 markets to raise the contactless transaction cap which is obviously also good for biometric cards as we will need that for removing the contactless caps added security hygiene and convenience as well as speed, compelling reasons I would say. We still expect to see some bigger commercial biometric card launches later this year, most likely starting in the EU followed by launches in other markets.

 

Finally, if we look at the logical access market, we see increasing interest in an in demand for biometric multifactor authentication devices. As working from home has become much more common, there is growing concern for improving security and biometrics can definitely contribute in this area. Fingerprints is well positioned in this new market as well with design wins with several providers.

 

Next slide please. So, let me quickly summarize before handing over to our CFO, Per Sundqvist. We are doing very well in the market for capacitive sensors, increasing our market share. But we have no design wins to announce yet in the under display area, where we are continuing our efforts to capture position in this market as well.

 

The coronavirus outbreak did impact our revenues in Q1, mainly due to supply chain disruptions in Asia. And we expect continued impact from this as well as from lower smartphone demand due to the global economic slowdown.

 

The uncertain situation will continue for quite some time. It's unclear for how long that's anybody's guess I would say. But we are adapting our ways of working and are able to continue to deliver our customer projects and to drive our R&D project forward. There are a lot of factors we can influence. We focus on those. And I feel that we are in a strong place and in a strong market. We have a strong financial position and it is truly in our own hands despite any challenges coming our way.

 

And with that, let me hand over to Per Sundqvist. Thank you.

 

Per Sundqvist

Thank you Christian and good morning everyone. So let's move to the first slide in the financial results section. Starting with revenue. We reported a 10% drop in relation to the corresponding period last year, and as Christian pointed out, we have been doing well in the market. This decrease that we see is, however, a consequence as also mentioned by Christian in the supply situation that we faced in the quarter, but mainly insufficient access to production capacity with our subcontractors.

 

In constant currency terms, revenue declined by 14%. In other words, our currencies were affecting us with about 4% positive. Our gross margin improved slightly compared to Q1 last year and was basically in line with what we have delivered in the last few quarters.

 

Our operating profit was negative SEK 18 million versus negative SEK 2 million in the same quarter last year and a negative SEK 15 million in Q4 2019. Since last quarter, our fixed costs decreased by around SEK 10 million, but as revenue declined the ratio of fixed cost to revenue increased, which is the reason the operating margin that is the red line in this chart decreased, while we improved the gross margin slightly since last quarter.

 

Our net income was negative SEK 3.5 million the same result as in Q1 2019. We had a positive impact on net income from the FX of unrealized changes in the exchange rates on currency accounts amounting to SEK 24.2 million. This is due to the strengthening of the USD versus the Swedish SEK.

 

Next slide please. This slide shows the development of revenue and gross margin on a 12-month rolling basis. The decrease in revenue in this period is due to the factors we discussed earlier. That is the impact of supply chain disruptions in Asia and from the coronavirus outbreak. Also the ASP decline continued, however, at a slower pace compared to last year.

 

If we look at the gross margin, it has been quite stable in recent quarters at around 23% to 24%. We are, of course, not happy with this level and are continuing in our efforts to improve profitability both by continuously increasing our efficiency and also by diversifying our business into new customer segments and application areas.

 

Next slide please. Excluding other operating income and expenses our operating expenses for the first quarter were SEK 92 million versus SEK 81 million in Q1 last year and SEK 105 million last quarter. Development cost of SEK 17 million were capitalized during the first quarter compared to SEK 24 million in Q1 last year and SEK 16 million last quarter. We will, of course, maintain a strong focus on cost and efficiency improvements going forward, especially under a year like this.

 

Next slide please. Our core working capital that is accounts receivables plus inventory less accounts payable was SEK 267 million at the end of the quarter, which is to be compared to SEK 458 million in the same quarter last year and SEK 215 million last quarter. The increase quarter-to-quarter were entirely due to some late payments, which are now settled in full and which explains the increase from last quarter. We continue to work very actively to manage working capital.

 

Next slide please. Our cash flow from operation activities was negative SEK 38 million, which is to be compared to negative SEK 161 million in Q1 last year, and our cash position ended up at SEK 485 million versus SEK 338 million in the same quarter last year and SEK 564 million at the end of Q4 2019.

 

In addition to this, the company also bought back shares for SEK 35 million in the quarter. Cash flow from investing activities that is capitalized development expenditures as well as some purchases of patents was negative SEK 26 million versus a negative SEK 43 million last year.

 

Thank you everyone. We are now ready to take questions.

 

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Your first question comes from the line of Francois Bouvignies. Please go ahead, your line is open.

 

Francois Bouvignies

Good morning gentlemen. Thank you very much. I have a couple of questions. The first one is on -- if you look at your Q1 performance, so minus 14% at constant currency year-over-year. If we look at China, overall, I mean if we look at different industry models and external forecast, the unit in China was down more than 20% year-over-year most likely. So, you kind of outperformed the market in Q1.

 

If we look at your comments in for the full year, you said that those externals industry experts forecast minus 10% to minus 20%. So, my question is this outperformance that you -- we saw in Q1 and you mentioned market share gain should we expect as well this outperformance to continue in the next quarters for the rest of the year?

 

Christian Fredrikson

Yes, hi Francois and thanks for your questions right. And you're right minus 14% on constant currency rate. And yes, we did outperform although we had of course our challenges as well.

 

I think the -- it's very difficult. First, we don't give forecast of course and it's very difficult I have to say that how the performance continues in terms of if you can continue outperforming the market because it is a question of which models are selling and going in the market and there is a lot of uncertainty right now on the volumes.

 

Now, China is back up, but not fully as you know. Now, the rest of the world, especially in Europe and U.S. are in a bigger demand drop. So, I think it's very difficult to say and give that kind of commitment I would say at this stage.

 

But we will continue to -- I think that -- yes, we will continue to be hampered by the supply and the demand drop. But at the same time we do -- I do believe that we're doing well with the capacitive market.

 

Francois Bouvignies

Okay. And maybe my second point is on optical. So, if I try to compare with your thinking and your comments it seems that this time around you said that you are not happy with the performance. And there is no design win at this stage. So, maybe you could have hoped to have it before that.

 

So, my question is what do you need -- I mean what is -- did you identify a specific issue to your optical compared to the competition for you to enter the market? And if yes, how long do you think it's going to take for you to be competitive?

 

Christian Fredrikson

Yes, I think it's so that Francois that we need -- we have all the time learned enormously. And it is a new technology for us although it is Fingerprint sensors, but it is a new technology for us where we have worked ourselves up on the curve. So, I think there is just really to learn and get the competence levels and get the performance and keep the high level of security that we want to have when we launch the product. We need to have. We can't be going down on security levels. So, it's really about getting the right quality and security on that system performance, right?

And that has been taking more time if I may say so. It's taking more time for us than we wanted, but we are progressing. I'm cautiously optimistic on us moving ahead all the time, learning all the time, and getting better and closer. But I can give no schedule on that because it is a situation where you -- where we will tell when we are -- have significant use or design fix. And until we don't have then we don't have that.

 

Francois Bouvignies

Okay, that's very clear. And then on the smart card I mean I would have thought -- do you feel that this COVID-19 could accelerate the roadmap of your smart card? I mean do you see an acceleration of any kind for the demand of fingerprint sensors into the cards?

 

Christian Fredrikson

Well, I think in the immediate very short-term, right if you look at the kind of -- in the weeks that are there obviously, it creates a lot of uncertainty and there's a lot of focus of companies on all kind of things and not rolling out new things. But if I look at -- even if I look at the banks and the raising the caps, I think absolutely. This is obviously, kind of, a great situation or I think it's the totally wrong word to use the great situation in this tragic situation, but it is a great opportunity if you may for helping consumers and getting banks to launch services which are both hygienic factors.

 

You can take the cap away, you will increase security, and you will increase convenience. So it's kind of almost a slam dunk solution to take out the market, if I may say. So I think yes, it will -- and you can see the caps are being raised. And obviously then the fold will increase, so you will need to solve that problem. And consumers very, very strongly do not want to touch the POS terminals. They do not want to touch it. So I think that need is going to rise now and we need to kind of get into that.

 

Francois Bouvignies

Okay. Thank you. And the last one for me is the cash flow. I mean, Q1 is always a low cash flow quarter historically. Is it still the case this year?

 

Christian Fredrikson

Yes.

 

Francois Bouvignies

Yes?

 

Christian Fredrikson

Yes, yes it's exactly the same trend that you see and as you've seen in the past. We had some slight delays on some payments from customers, but that was resolved the week after the end of the quarter. So that wasn't a really issue, but more a practical problem. That explains all...

 

Francois Bouvignies

Okay. And do you expect any risk for your cash flow? I mean, maybe receivables from clients of course going through this difficult period. I mean, do we -- should we expect any change in a way for the cash flow or anything you can do to...

 

Per Sundqvist

No, no, not due to the accounts receivable. And then mind you -- we have an insurance on all our accounts receivables as well, so it's insured. So both short term as well as more medium term, I would say no.

 

Francois Bouvignies

Okay. Okay.

 

Per Sundqvist

What could be the issue is of course around what we've mentioned earlier around supplier and supplier situation.

 

Francois Bouvignies

And -- but do you see that going back to normal in Q2? I mean, given in Asia...

 

Per Sundqvist

It's a forecast and I can only highlight the risk there. We can't give forecast on that, since we don't have that visibility.

 

Francois Bouvignies

Okay.

 

Per Sundqvist

It depends on the coronavirus how that works.

 

Francois Bouvignies

Okay. Thank you very much for your interest

 

Christian Fredrikson

Yeah. Thank you, Francois.

 

Operator

Thank you. Your next question comes from the line of Viktor Westman. Please go ahead. Your line is open.

 

Viktor Westman

Thank you, and good morning guys. First question is on -- I wonder, if you can say something about how your customers behave with this current environment? Are there some of them building inventory? Or all of them are very cautious at the moment?

 

Christian Fredrikson

Yes, hi, Viktor. I suppose everybody has both I would say. You see a very different mixture. Some companies are doing better. Some are doing worse. And some are more aggressive and they have build inventory. And then you have some others who have kind of put more breaks on. I suppose everybody is down in terms of volumes, obviously from the Q1, Q2 if you -- as I just said. That's maybe right then.

 

Viktor Westman

Yes. And I saw earlier also that Xiaomi said that they were back at almost 80%, 90%. I think you saw it also. Can you say something about the other ones? Is that the way to put it? And you mentioned also the smartphone decline of 10%, 20% expected for this year. So is that the general picture for everyone?

 

Christian Fredrikson

Well I think there's going to be winners and losers. There's always big swings in market share for the OEMs and I'm sure that you will see this again now. I think one thing that seems to be happening is that the big ones consolidate more of the market share. They're really big players. And then the rest are losing out more than what the big ones are. And then there are shifts between the big ones. So there I can't comment on any specifically, but some of them are going aggressively out there and some are having more challenges in it, right?

 

And some -- yes so there's a big difference there right now. And in a way we are of course with most of the players in the industry. So we can see that and it's kind of you take a hit somewhere and you win in some other places right as it depending on how their business go. Now we don't -- on inventory, we -- because we have still more supply constraints in so far and that we have been demand constrained, if I may. So we have no inventory actually. That's a challenge with us, right? But none of the new product inventory. It's really -- everything that comes in goes out for us at the moment.

 

Viktor Westman

And just to clarify on your -- on the capacity side, you mentioned, you don't have enough capacity to handle the demand. So does this mean that you are below 80% 90% capacity at the moment?

 

Per Sundqvist

Viktor, I won't give any numbers there, but we are below -- we are still more -- we have been still supply constrained and not demand constrained. But we are of course in a way -- the demand has come down of course as I said the best guess and nobody knows, right? It depends on how second half goes between 10% to 20% right on the mobile phone industry.

 

Viktor Westman

Okay. Fair enough. And maybe a question also on the card market there. I wanted to follow up on the hygiene effects of smart card from the virus and all the rate cap from Mastercard etcetera which is which could be very good in the long run. I just wanted to understand more what -- how this will play out for you. Do you think that banks will be -- would want to pay a bit more for the cards because of this -- the hygiene effect from the virus? Or is there a risk that they would go for the mobile solutions instead since these are cost-efficient already?

 

Christian Fredrikson

I think that both will gain right? But I think cash will lose out the most and definitely I think both mobile and contactless cards biometric cards will be the ones winning here right? I think now people want to pay contactless. So I think that that will be both there and the same dynamics will continue I'm sure.

 

And on the question that I think that it will -- of course this is -- there's a great need right now to go contactless and detect the capital. I think it's never been as big as it is now. I said it already with Francois right? And think about all of us right? Nobody wants to touch the POS terminal right now and to do that transaction fast and securely and in a hygiene way. It's really obviously what is needed.

 

I think that you will see offerings from banks coming where they will maybe charge something in the beginning as well. I'm not sure, but some banks will there will be different. But there will be different financial ways and incentives to -- once we get the cards out in mooring.

 

In -- as we said that we hope and expect it's -- we're not the bank so we don't make the launch. So it's really in their hands, but we expect that in second half you will see more banks coming out. Later in the year you will see more banks coming out now biometric cards starting from the European Union.

 

Viktor Westman

Okay. Just a last follow-up on the cost, with the raised caps from Mastercard et cetera what do you think would be the effect for the card users here? Will there be but they can use the contactless cards a lot more now with the raised caps. But will they be more annoyed in the situation when they have to put the pin card? Or would there be some kind of effects like that?

 

Christian Fredrikson

Yes. I think that you can - I suppose it's hard to say, but I think that it's clear that the spread of the contactless is moving faster than before. So we can see that impact that contactless moves. People want to use contactless more that's why they're raising the caps because the demand has increased strongly even in countries like Germany which has been very conservative or taking new use case into their advantage, right?

 

So clearly you can see that contactless are moving up. They want the cap raised. That's why it's being raised. So yes that trend is accelerating. And then I think that absolutely will start to irritate because then you have to think wait a minute what is the amount can I use or not and you would just want to go and always use contactless obviously. So I think it's a bit of an irritating factor then to start there and try maybe. It wasn't enough what was the cap again so.

 

Viktor Westman

Very good. okay, thanks very much guys.

 

Christian Fredrikson

All right. Thank you.

 

Operator

There are currently no further questions on the phone lines. I'll hand back for the web questions.

 

Stefan Pettersson

Yes. We have a few questions from the web as well. The first one on biometric cards, Once Fingerprints receives orders for biometric cards, how quickly can you ramp up to a capacity of say one million sensors per week?

 

Christian Fredrikson

Okay. I think that obviously working with the capacity ramp-up is extremely important as well and to have that capability. I suppose we wouldn't give any predictions on how difficult or not it is. But we do -- if I take a reference we do ship about one million sensors per every working day, so to ship million sensors of this capacity that we are -- have built we have tested this thoroughly already.

 

So I think that is extremely important that we have that capability and that's something that we’ll see that we have built up in the mobile industry now that we can take into the card industry. So I don't think that's not a big challenge for us to do that kind of ramp. That's basically obviously something over 50 million cards a year if you can that forward.

 

Stefan Pettersson

Okay. And on in display you have an ambition of capturing a significant share of this market and you have been facing challenges in doing so. How do you plan to improve in being able to offer and ship this product in the future? And how will your approach change in order to succeed?

 

Christian Fredrikson

I think we have done many changes here and learnings in terms of building up the competence, building up our capabilities on system level to give the same security and quality that, we need to have with our brand and knowledge. So I think that that's the – here's been a lot of learnings on the road here. And it's taken longer than we wanted. And we will of course inform immediately, when we get in there and that work continues very hard in the – quite a few R&D projects now.

 

Stefan Pettersson

All right. And the final question on biometric sensors in cars. When can we expect to see this with Gentex for example?

 

A - Christian Fredrikson

Well, that work is continuing in many cases. We can't give a schedule on that one. It's of course very important for us, exciting to work in those cases. Obviously, the car industry has also now in short term takes a bit of a – taken a bit of a hit but it of course will continue and bounce back, I'm sure over time there as well. But this work continues and the project continues. And we will – we work very hard on getting these into the cars in the pilots that are being run. But it is a slow industry. Clearly, they test them test thoroughly before it comes out into actual cars. So it will still take some time to get out there, but that will continue full speed.

 

Stefan Pettersson

Okay. That was it for the web questions, and I'll hand over to you Christian for some final comments.

 

Christian Fredrikson

All right. I think that I always said here from me and Per as well, and I thank you all for listening in. I wish you well and we will talk soon and as we go on into Q2 next time. Stay safe and take care of yourselves. We will talk soon. Bye now.

 

Operator

Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

 

END

 

p.s

Commercial production ramps for IDEX Biometrics’ authentication solutions

https://www.idexbiometrics.com/commercial-production-ramps-for-idex-biometrics-authentication-solutions/

Oslo, Norway, 5 May 2020: IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions, has received over USD 700,000 of production orders in 2020 through April. These include new and follow on orders from customers in Europe, Asia and the US for both payment and access control markets. These orders are expected to ship in the second and third quarters of 2020 and a regular flow of orders is expected to result in monthly shipments. 

 

Vince Graziani, CEO of IDEX comments: “Throughout 2019 and into early 2020, IDEX worked with these customers to test and qualify the IDEX solution for their specific application. In parallel, two partners invested in certifying our fingerprint sensor and matcher software with two different global payment networks. We are pleased to now be moving into the commercialization phase and beginning to ship production units to our customers.”

 

 

https://twitter.com/FingerprintCard/status/1257583261938827264

To date 21 banks around the world are piloting contactless biometric payment cards on both Mastercard and Visa networks, including Natwest and RBS in the UK, and there’s also been a commercial launch in Switzerland, all using Fingerprints technology.

The market for #biometric contactless cards is unstoppable! Our CEO

@CFredrikson shares his insights into the benefits of and consumer demand for #biometric #payment cards and beyond in a report by @thetimes @Raconteur on the ‘Future of #Authentication’. https://buff.ly/35xjYtd