Redeye initiates coverage of the biometric payment card technology company Zwipe, with a cautiously optimistic stance. The initial year as a public company has been challenging. As the end market has evolved rather slowly, Zwipe has had difficulty progressing in accordance with plans. While the risks are still high, in our view, there is a real case for revival in the year(s) ahead, something which the stock at current levels arguably fails to recognise.