Solid results for Buypass in 2017
Buypass delivered solid results in 2017. Increased digitalisation provides growth in all business areas and an increased demand for the company’s solutions for secure and user-friendly electronic ID, digital signature and payments.
The Buypass Group is growing in all its core areas of security solutions for electronic ID, digital signature and payment. Revenues totalled NOK 222.5 million, which is almost NOK 10 million more than in 2016. Earnings before tax increased by ten percent, finishing the year at NOK 44.6 million. The company issues a personal identity that was used by over 2.8 million Norwegians in 2018, at a monthly average of 45 million uses.
Buypass Managing Director, Gunnar Lindstøl, is pleased with the results:
- We delivered one of our best years ever because we have a strong team of skilled and dedicated employees who every day deliver safe and stable products, which continuously creates new value for our customers through innovation that engages more than half of the company's employees. Our solutions have become an essential prerequisite for the success of digitalisation in an increasing number of sectors.
In the healthcare sector, Buypass ID was used to sign over 80,000 e-prescriptions each day and to secure over 200 million messages, both on the business side and among citizens.
“Through the use of ID and digital signature solutions, primary and specialist health services can use simple and secure digital solutions locally and regionally, such as secure login to corporate networks, electronic submission of sickness reports, medical certificates, settlement requirements and e-prescriptions to NAV and the Health Directorate”, says Lindstøl.
He is also pleased with the reception of the company's two latest authentication solutions with mobile apps. One was incorporated into IBM's global marketplace for security solutions and is available to businesses wishing to offer their employees secure login to IT services. The second, Buypass ID in mobile, has already been used by nearly 100,000 people for logging in to public services at the highest security level.
Increased payment volume
Buypass payment volume increased in 2017. Buypass ID and payment applications for mobile have close to 800,000 users, with a median annual turnover of over $ 5 billion in mobile payments. The cooperation with Norsk Tipping is particularly prominent.
“Here we had a total money transfer volume of over NOK 26 billion, and we distributed close to NOK 8 billion in prize payments. We have accumulated exciting experience, expertise and solutions that can be of benefit to affiliates in the future. We are very grateful for the positive, constructive cooperation with Norsk Tipping. It gives us credibility and is a valuable reference to other responsible gaming companies”, says Lindstøl.
The cooperation with the Norwegian Confederation of Sports was also encouraging in 2017. Over 2,500 sports clubs and 450,000 active users use the ID and payment solution from Buypass for secure login and online payment.
Stricter rules provide more opportunities
During 2018, several new EU rules will be introduced that increase the need for certified security solutions. For websites, security certificates are increasingly required to ensure good, safe services, and Buypass is one of Europe’s leading players in this market.
"We are the only Scandinavian player to develop and produce secure identification for the entire digital value chain, as well as certificates for individuals, businesses, domains and applications. We will sell our solutions across Europe and will therefore provide additional security specialists with experience in international sales”, says Lindstøl.
Internationalisation will be gradual, focusing on Europe, the Nordic countries and the surrounding region.
"Our international ambitions are reinforced by two new key EU rules. eIDAS replaces legislation on digital signatures and requires that players in multiple sectors must use approved security certificates. There is also an upcoming update of the Payment Directive (PSD2) that tightens the requirements for the security of payment networks. We are one of the few players ready with security certificates that are in accordance with both of these directives, and so we are well positioned to deliver" Lindstøl said.