SmartMetric, Inc. (OTCQB: SMME): Taking security for credit and debit cards to the next level, SmartMetric has created a nano biometric fingerprint scanner that sits inside the credit card which is used to confirm that the person using the card is the legitimate card holder.
“We are very confident that our card will be adopted in the United States market as it is the only biometric credit card that can be used across all classes of card readers from retail outlets to ATMs,” said SmartMetric’s President and CEO, Chaya Hendrick.
The company is working closely with a major global credit and debit card brand and payments network in order for the SmartMetric next generation biometric card to be operative on their vast global retail and ATM payments network.
Because the SmartMetric biometric card works without the need to be inserted into a reader and because it has its own internal rechargeable miniature hybrid battery, the SmartMetric biometric card is the only biometric card that can work at the vast majority of ATMs.
“The user’s fingerprint is stored inside the card using a separate secure processor to what is used for the payments processing processor, adding another layer of security for the protection of the card user’s own biometrics while providing maximum function for the card,” said Chaya Hendrick.
SmartMetric contracted an independent market research company that conducted a survey of Visa credit card holders in the USA. This research showed that over 60% of existing credit card holders in the USA are willing to purchase a biometric credit card for an added sense of security.
The majority of survey respondents said they would be willing to pay $69.00 for a biometric secured credit card. Surveying whether or not they would be willing to pay a higher amount such as $90.00 or $150.00 a card was not done. However, with over 60% saying they would pay $69.00 for such a card, this if converted into consumer buying and adoption of the SmartMetric biometric card would see a possible take up in the USA alone exceeding 100 million cards.
“Given the responses to the consumer survey which also documented the high level of concern consumers have surrounding payments security, we believe that the first card issuing bank to adopt the SmartMetric biometric card will be able to attract significant market share away from traditional credit cards and their issuers,” said Chaya Hendrick.
It is estimated that there are over 200 million credit and debit cards issued in the United States.
The SmartMetric biometric in-the-card security uses a card holder’s fingerprint biometrics to identify the card user and turn on the card as it is being inserted into a card reader or ATM. A sensor is on the top of the card and is simply touched by the user as they reach across to insert their card in a reader. In less than a second the card holder’s fingerprint is scanned and matched with their pre-stored in the card fingerprint which in turn activates the card for a transaction.
SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo3 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 Credit Card Fraud 2021 Annual Report: Prevalence, Awareness, and Prevention | Security.org
2 2020-survey-of-consumer-payment-choice.pdf (atlantafed.org)
3 10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments - EMVCo
Please Note: EMV is a registered trademark of EMVCo. Visa is a registered trademark of Visa Inc. The mention of both EMV and Visa does not imply a commercial relationship with SmartMetric, Inc. but is used in the information context of this release only.
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