Press releases

Crunchfish applies for Digital Cash Wallet EU trademarks

Crunchfish AB (“Crunchfish”) has filed two trademark applications at European Union Intellectual Property Office for its Digital Cash Wallet. First, “Crunchfish Digital Cash Wallet” as a word mark and also the two emojis representing “Hugs and Kisses” with the registered domain xoxo.cash as an image mark.

Crunchfish has filed the word mark “Crunchfish Digital Cash Wallet” as well as the image mark xoxo.cash with two well-known emojis within EU. Crunchfish may extend the trademark applications to other jurisdictions within six months.

Crunchfish has also signed a license from the German emoji company GmbH to use the two well-known emojis representing xoxo – Hugs and kisses – with our Digital Cash Wallet. Crunchfish has also registered the domain xoxo.cash to provide Crunchfish Digital Cash Wallet information at our website crunchfish.com/digital-cash.

The rationale for using the well-known Hugs and kisses mark xoxo stems from Crunchfish Digital Cash Wallet’s four product variants. The full version is referred to as xsxc as it supports both cross-service (xs) as well as cross-currency (xc) Digital Cash payments. The core version which supports neither cross-service nor cross-currency is referred to as xoxo. The two other product version supports either cross-service xsxo or cross-currency xoxc.

Crunchfish business model is subscription based per active Digital Cash Wallet, which is charged to the issuing bank or the digital wallet provider. Crunchfish maintains control of its business model as the global Certificate Authority with ability to issue and revoke user certificates for Digital Cash Wallets. This business model is well known in the payment industry as it resembles issuing payment services on smart cards. It is positive that it does not interfere with the business model of Crunchfish Digital Cash Partners. Global interoperability cross-service, cross-scheme and cross-currency will be offered as optional add-ons.

The addressable market for Digital Cash Wallets is huge as it spans billions of smart cards with debit, credit, pre-paid or gift card services as well as digital wallets in apps on smartphones, smart watches and feature phones using any payment scheme of EMV, RTP, closed-loop wallets, CBDC, cryptocurrency or mobile money.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a tech company with patent-pending solutions for Digital Cash that can be integrated with both the payment rail and in mobile wallets. The solutions are globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and have a patent-pending solution to reduce food waste. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.


How does the world look through smart glasses?

The only thing we know for certain about the future, is that it is sure to be different. It may sound like science fiction, but soon many of us will wear smart glasses that enhance the reality around us with digital objects and make our everyday lives both easier and more efficient. The world will hardly be the same.

Augmented Reality (AR) has been around for a while, but now things are really starting to move. In the near future, we will all be impacted by this technology and the opportunities it offers.

“AR is created when virtual objects are placed on top of the reality we see around us through our mobile camera or smart glasses”, Joakim Nydemark, CEO of Crunchfish Gesture Interaction AB, explains. The company develops technology that allows you to interact in the world of augmented reality via intuitive hand gestures.

As with so much else, smart phones and tablets initially created the conditions for AR, whereby the user is given a new experience using the camera and software in such devices.

“Using smart glasses frees both hands and provides quick access to new information through a transparent screen, hanging in the air right in front of the user’s eyes. Crunchfish’s technology makes it possible to interact with the augmented reality without needing to touch a physical screen. Crunchfish’s gesture control technology lets users interact with virtual objects through hand gestures. This means that we can look up from the mobile display and not only make the content of the phone more naturally accessible, but also access relevant information about everything around us”, Joakim continues.

Crunchfish’s gesture control technology is absolutely world class”

– Joakim Nydemark

The smart glasses are usually connected to the mobile phone similarly to a smart watch, but in the future, it is predicted to replace the phone as the device you always want to carry with you. With a mobile connected to smart glasses, you can make calls, browse the phone book, take pictures and surf the web. Everything is projected as an extra visible layer in the glasses, while the phone can be left in the pocket or purse and both your hands are free. In the long run, smart glasses will replace the mobile phone as AR opens up for many more possibilities.

“Imagine you are out walking in town. Directions to your destination can be projected in front of your eyes, and by pointing the camera in your glasses at different objects, a building for example, you can get information about when the house was built, if there is an apartment for sale or drawings of how it looks inside. Once inside the apartment, the AR can show you how a room will look with different shades of color or wallpapers, or how a specific sofa would fit in the living room”, Joakim explains.

AR will not only revolutionize and facilitate our private sphere. The new technology will also create new opportunities for our working lives, streamlining and simplifying them. The technology is already today in many workplaces, as part of efforts to make companies and industries more digital and effective.

“Imagine repairing a machine or servicing a car. With the help of smart glasses, the service technician can get instructions projected in front of him on what is to be checked and in what order the various steps are to be performed, but also how, if he is unsure, by displaying a step-by-step description. Similarly, the technology can also be used in manufacturing. A new employee can quickly learn what, how and in what order things should be done, for example during assembly where it is important to assemble things in the right order”, says Joakim.

“The breakthrough of AR technology is not far away. As soon as one of the big electronics companies, say Apple, launches attractive smart glasses for consumers, things will snowball – perhaps as early as next year – and at a cost that will probably be on a par with what you would pay for a regular mobile phone today. The technology is currently being honed. One of the keys to success is to produce smart glasses that are attractive and comfortable enough for you to want to wear them on a daily basis. With limited space for electronics, the demand on performance is high. Crunchfish’s gesture control technology is absolutely world-class and gives the user full flexibility to interact with the augmented reality, despite limited resources”, Joakim Nydemark concludes.

About Crunchfish – crunchfish.com/gestures
Crunchfish is a tech company with patent-pending solutions for Digital Cash that can be integrated with both the payment rail and in mobile wallets. The solutions are globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and have a patent-pending solution to reduce food waste. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.


New company group structure in Crunchfish

Crunchfish AB (“Crunchfish”) today announces that the company has started a restructuring of the company group structure, with the purpose to clarify the different business areas and put these in relevant subsidiaries. With the new company group structure, Crunchfish’s different business areas will be operated in separate wholly owned subsidiaries, each of which can report its own revenues and expenses. The new company group structure will not have any direct financial impact on Crunchfish, but only aims to create a further increase in clarity and transparency.

Crunchfish Proximity AB is undergoing a name change to Crunchfish Digital Cash AB with Patrik Lindeberg as CEO. The closely related solution areas Digital Cash, Blippit and Nearby are part of this company. Crunchfish starts a new subsidiary, Crunchfish Food Waste AB with a focus on Food Waste in which Linda Kronby will be the new CEO. Linda will also continue as CEO of Blippit AB, which Crunchfish Digital Cash AB owns together with ClearOn AB in equal parts. The third subsidiary is Crunchfish Gesture Interaction AB, where Joakim Nydemark is still CEO.

“Our new group structure clarifies our three main solution areas and provides the market with transparent information as wholly owned subsidiaries with their own accounts”, says Joachim Samuelsson, Crunchfish’s Group CEO.

For more information, please contact:
Joachim Samuelsson, Group CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Crunchfish receives Chinese patent regarding proximity-based authentication

Crunchfish AB (“Crunchfish”) has received a Notice of Allowance from the Chinese Patent Office that a patent regarding proximity-based authentication will be granted. The patent protects how the mobile user proves his or her identity or demonstrates ownership of a document of value in a proximity-based interaction. The Chinese patent, with patent number 201680030051.6, is valid until March 2036. This patent has previously been granted in Sweden, Europe and the USA.

The patent protects proximity-based authentication and prevents improper use of other people’s identities or documents of value in proximity-based interaction. It further raises the level of security for applications that implement Crunchfish’s interaction solutions for mobile payment, by public key infrastructure technology which proves the mobile user’s identity or demonstrates ownership of a document of value such as a discount voucher or travel ticket in public transport.

“This is a core patent that increases security in applications that implement Crunchfish’s proximity interaction solutions”, says Paul Cronholm, Crunchfish’s CTO.

Crunchfish’s patent portfolio
Crunchfish has about 100 active patents and patent applications nationally and internationally within Crunchfish’s five solution areas, counting patent rights per country. Counting unique inventions and granted inventions instead, there are 40 unique inventions/29 granted inventions in the company, and divided by solution area: Digital cash 7/0, Blippit 6/5, Food Waste 1/1, Nearby 14/12, Gestures 12/11. Crunchfish owns all its patents and patent applications without restrictions.

Crunchfish’s strategy is to protect the company’s technology in all geographic markets that are deemed important. Crunchfish intends to continuously expand its patent portfolio to selected markets and through new inventions.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on March 9, 2021.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


XR Skeleton enables interaction with virtual objects

To show the possibilities and flexibility of Crunchfish’s gesture control product – XR Skeleton – the company today publishes a video of a prototype in AR, in which interaction with virtual objects and buttons is shown. As previously announced, the company’s gesture control product XR Skeleton has impressive performance and advanced features, which creates the conditions for high-precision interaction with virtual objects in Augmented Reality (AR) as well as Virtual Reality (VR) environments.

XR Skeleton – Interaction with virtual objects

By identifying all the moving parts and contours of the hand and then linking these points together into a skeletal structure, the possibility of high-precision interaction with virtual objects is opened up. In the interaction video which is now available, examples of how you can use the skeleton model to pinch objects, change size and press buttons are shown. An important detail that affects the user experience in a positive way is the flexibility of the gestures. It does not matter if you press the buttons with one finger, two fingers or the whole hand – it works just as well, which shows how intuitive the interaction is. This may seem like an obvious feature, but it is extremely difficult to solve technically without Crunchfish’s skeleton model.

An important difference between AR and VR is that in AR, you always see reality and the user’s real hands. This entails the complexity that the system must keep track of exactly where the hands are in relation to all augmented information, such as the planets in the video above. From the user’s point of view, the experience must be that the objects as well as the hands seem real, and in that case the user must be able to touch and move the objects as if they were real. Enabling this intuitive gesture control is one of Crunchfish XR Skeleton’s absolute strengths.

“We are proud to show our XR Skeleton solution in an AR environment, where the precision and compliance of the interaction is clear. We constantly enhance the solution technically and there is no doubt that we are among the best in the world in the field of gesture control”, says Daniel Milesson, Head of R&D at Crunchfish Gesture Interaction AB

For more information, please contact:
Joakim Nydemark, CEO of Crunchfish Gesture Interaction AB
+46 706 35 16 09
joakim.nydemark@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com/gestures
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Crunchfish launches Developer Portal

Crunchfish today announces that the company has launched a Developer Portal. On this portal, SDK’s, integration guides, documentation and other useful tools will be available, to make it easy for our partners to integrate with our different solution areas.  

Visit our Developer Portal

Through the portal, Crunchfish will provide developers with software development kits, technical documentation, sample source code, reference guides and more for testing and developing new and innovative applications. Interested developers are welcome to contact us in order to get access to the portal.

For more information, please contact:
Patrik Lindeberg, CEO of Crunchfish Proximity AB
+46 730 35 67 15
patrik.lindeberg@crunchfish.com

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Digital Cash enables cryptocurrency in physical retail

Crunchfish has created its own cryptocurrency Crunchcoins in an official Ethereum blockchain based test network and integrated it with Crunchfish’s Digital Cash with the purpose to showcase cryptocurrency offline payments and interoperability in physical retail.

Digital Cash may be integrated with any of the current payment schemes – card, Real-Time Payment and closed-loop wallets – as well as the payment schemes of tomorrow – Central Bank Digital Currency (CBDC) and cryptocurrencies.

Crunchfish has created its own cryptocurrency Crunchcoins to experiment and showcase that the world’s cryptocurrencies may be used in physical retail by integrating Digital Cash in a digital offline wallet. Digital Cash is based on a patent-pending two-tier settlement architecture, first offline at the moment of payment followed by settlement online to move money between accounts. VISA has recently proposed this two-tier architecture for CBDC. The digital offline wallet manages an offline balance, which is locked at a corresponding virtual account at the bank or the payment service to guarantee that enough funds are available at the settlement online. The two-tier settlement architecture enables cryptocurrency with payment services interoperability, cross-scheme and cross-border, and that it may be used within retail in the world.

”Digital Cash with cryptocurrency enables offline payments and payment services interoperability. This creates the possibility for broad scale use of crypto within retail”, says Paul Cronholm, Crunchfish’s founder and CTO.

Cryptocurrency is a digital currency without any central regulating body where cryptographic methods are used to guarantee transactions with a distributed consensus by blockchains. Bitcoin and Ether from Ethereum are well known examples. Cryptocurrencies have often been used for speculative investments, which has made the exchange rates very volatile.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on March 8, 2021.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Season 3: Digital Cash – Partners and Patents

We have the pleasure to announce that we kick off season 3: Digital Cash – Partners and Patents running for the rest of 2021. We aim to do another 36 interviews, focusing on our Digital Cash Partners, our coming patents and any other related subject. All interviews, including season 1 and season 2, are now also available as podcasts.

Season 3: Digital Cash – Partners and Patents

The final episode in season 2: Cash goes digital – a payment pandemic aired this morning. We want to thank everyone that has been interviewed and all that have followed the interviews. Season 3: Digital Cash – Partners and Patents will start immediately with 36 new episodes that will be released on a more irregular basis during 2021.

All interviews will be available on our website, our YouTube channel, and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our new SoundCloud channel. You can subscribe and never miss when we publish new episodes. 

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Digital Cash implements CBDC swimmingly easy

Crunchfish is a technical pioneer within digital payments with its novel Digital Cash solutions that settle physical payments in two steps, first offline and then online, making digital payments robust and also preserves the payer’s integrity. Digital Cash is extremely flexible and interoperable with all types of payment services, even cross-border and cross-schemes. Today Crunchfish announces that its Digital Cash solutions can solve Central Bank Digital Currency, CBDC implementation issues swimmingly easy, without any additional infrastructure. This promises to have a major impact on the whole CBDC industry and accelerate Central Bank implementations.

Crunchfish’s Digital Cash makes it swimmingly easy to implement CBDC, as there is no need for additional infrastructure. Central Banks may just use existing digital payment rails to distribute CBDC. This is a tremendous simplification that will accelerate CBDC roll-outs in the world.

Central Banks in numerous countries are experimenting with Digital Currency using ‘tokenized value instruments’ that represent physical banknotes in digital form. Digital Cash by Crunchfish, on the other hand, use ‘tokenized transaction instruments’ instead, which may be compared to banker’s cheques. Whereas a banknote is a representation of ‘money’, a banker’s cheque represents a ‘money transfer’ between two parties.

Digitizing ‘money transfers’ instead of ‘money’ simplifies CBDC implementations tremendously, as it does not require any additional infrastructure. The ‘tokenized transaction instrument’ approach suggested by Crunchfish as Digital Cash provides all necessary properties of physical cash; robustness, ease of use and preserves the payer’s integrity in relation to banks. To issue its fiat currency, the Central Bank may simply deposit it into a centrally held bank account and invite commercial banks to access and distribute it by means of regular transactions on the existing digital payment rails.

Cash is king of digital payments. It always works, it’s easy to handle and it safeguards personal privacy. Crunchfish preserves these features when cash goes digital. The transformation will be profound as digital cash will be present in all mobile wallets in the future”.

It is worth mentioning that Crunchfish’s flexible Digital Cash solutions with its patent-pending two-tier settlement architecture may be integrated with any payment scheme – Card, Real-Time Payments, Closed-Loop Wallets, Cryptocurrency as well as CBDC. It is therefore certainly still possible to be integrated with any of the current CBDC solutions based on ‘tokenized value instruments’, e.g. Digital Symmetric Cryptography from Crunchfish’s partner eCurrency or Distributed Ledger Technology blockchains.

About Digital Cash
One year ago, Crunchfish announced offline frictionless mobile payments as a patent pending innovation, making mobile payments services far more robust by introducing the concept of Digital Cash using a two-tier settlement architecture, offline vs. online. The solution leverages the fact that it is not important to the merchants if the transfer to their accounts occurs at the moment-of-payment or a little later, as long as there is trust that the transfer will occur. It is critical however, that the payment experience must be robust, smooth and secure. This implies that the transaction cannot be dependent on the Internet and cloud payment services. No matter how much investments are made into IT-infrastructure, the systems will never be operational 24/7.

The ingenious solution for robust digital payments is based on an implementation of a two-tier settlement architecture. Recently, this approach was proposed by VISA in a research paper describing an Offline Payment System (OPS) protocol applied to CBDC. Crunchfish has also enrolled as a VISA Technology Partner.

Crunchfish’s flexible Digital Cash solutions with its patent-pending two-tier settlement architecture may be integrated with any payment scheme – Card, Real-Time Payments, Closed-Loop Wallets, Crypto as well as CBDC.

Crunchfish’s Digital Cash approach is ubiquitous as it may be integrated into any payment scheme and also on cards. In addition, Digital Cash is also payment services interoperable, cross-borders and cross-schemes, which is key to accelerate CBDC roll-outs and its market acceptance.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on March 2, 2021.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Crunchfish and Swish submit joint application to PTS Innovation contest

Crunchfish and Swish today announce that the companies have submitted a joint application to The Swedish Post and Telecom Authority (PTS)’s annual innovation contest, which this year focuses on innovative payment solutions. The goal in the application is to develop a prototype for an offline solution that can be used when net-based payment solutions does not work. The ambition is that the solution will provide the Swedish society with a digital equivalent to cash.

Video 2 minutes: Why Digital Cash?

Achieving the vision of an inclusive financial infrastructure requires a complement to today’s network-dependent payment solutions. It is both urgent and critical from a societal point of view for Sweden to modernize cash and make their properties available in digital form. The application to the contest is based on the strength of cash as a robust means of payment, without requirement for network connection or cloud servers and the possibility of maintaining integrity for users.

Crunchfish’s och Swish’s joint application to PTS Innovation aims to make Swish more available, including in contexts in which Swish is not used today, for example when internet connectivity is unavailable. The application is developed in Swish’s test environment based on Crunchfish’s Digital Cash solutions and has similar properties to the e-krona, with the primary difference that the application, in a future potential roll-out, would be issued and guaranteed by the banking system instead of the Swedish Central Bank.

”Swish is an incredible success story for online payments, however Swish demands that the user is online. In the PTS Innovation contest, we are digitalizing cash together with Crunchfish and will show how Swish payments could work in an offline environment”, says Anders Edlund, Head of Business Development at Swish.

”We’re looking forward to build an innovative world-class solution together with Swish, that will contribute to a robust and inclusive digital financial infrastructure in Sweden”, says Joachim Samuelsson, CEO of Crunchfish.

Background to the contest
Since 2010, The Swedish Post and Telecom Authority (PTS) arranges annual innovation contests, contributing to turning smart ideas into reality and improving everyday life. E-commerce and the use of various payment services have increased significantly in recent years, while cash use has fallen sharply. In this development, many people with disabilities – and older people as well – experience difficulties with online shopping, paying bills, using internet banking services and getting started with online identification to identify themselves and approve payments. The gap is widening to those who are comfortable paying digitally. PTS is now looking for innovative and long-term solutions that make it possible for people, regardless of functional ability, to understand and use digital payment services in a simpler and more secure way.

Results in the contest are expected during Q2 2021. More information is available on pts.se/innovation

Om Swish – swish.nu
Swish started in 2012 as a cooperation between six of the largest banks in Sweden. Together Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB, Swedbank and Sparbankerna own Getswish AB, the company behind the service. Other banks have since connected to Swish. Today, almost 8 million Swedes has Swish and it has become the most popular means of digital payments among 18-40-year-olds in Sweden.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on March 1, 2021.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.