SmartMetric, Inc. (OTCQB: SMME): Unlike standard credit and debit cards that rely on the questionable safety of PIN numbers and CVV codes for user validation, the SmartMetric biometric credit card solution provides 100% card user validation at the time the card is being used for a purchase.
Simple and frictionless, all the card user needs to do is touch the fingerprint sensor on the surface. In less time than it takes to reach across to insert the card into a credit or debit card reader, the card has scanned the users fingerprint and matched it with the pre-stored fingerprint inside the card. On a successful fingerprint match, the card is turned on so that it can perform a card transaction.
The ease of use of the SmartMetric biometric card along with the fact that it is powered by the SmartMetric internal green battery prior to the card being inserted into a reader to power the internal processor doing the fingerprint scan, means the SmartMetric biometric card is the only card that can work across all card reader types and situations. Biometric cards that do not have an internal independent power supply are very limited on where such cards can be used.
A big advantage for both credit card users as well as banks in fighting card fraud is the fact that the SmartMetric biometric card can not be activated if someone else is trying to use the card.
“Chip and RFID/NFC are activated for use only after a fingerprint match on the card bringing very strong biometric security for the next generation of credit cards,” said SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo 1 reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months.
1 Data Source: 10 Billion and Counting: What the Latest EMV<sup>®</sup> Chip Data Means for Global Payments - EMVCo
EMV is a registered trademark of EMVCo
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