SmartMetric, the creator of biometric credit cards, is pleased to announce that its product testing with a major global credit card network has been streamlined for what will be expected as the final step to gaining approval.

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NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB:SMME): Introducing a unique and innovative new card to the credit card world is a complex process requiring approvals for the product to operate on a global payment network which interconnects with store card readers and ATMs for credit and debit cards.

SmartMetric works with one of the largest of the top three global payment networks to get SmartMetric through its approval process. It was naturally a long process because our card with its built-in biometric fingerprint scanning function inside the card is beyond normal cards which are network approved for card manufacturers.

“We are happy to say that we are now in the final process where our card only needs to be tested as to the body of the card itself and no longer requires any further evaluation on its biometric functionality,” said SmartMetric President and CEO Chaya. Hendrik.

“As a business, we couldn’t be happier with the supportive relationship we’ve had with this important credit card network and are excited to take the final step to get our card approved for use. on their network,” Chaya Hendrick said.

Now that SmartMetric has been cleared to submit its map in what should be the final stage of its network approval process, the company is now in a position to complete its map production. Until now there was a lot of back and forth on the EMV payment chip that we could use on our card but luckily this has now been resolved giving us the opportunity to complete our manufacturing in compliance with the credit card network.

SmartMetric now has all of its components at its electronics assembler and in a few weeks will move forward with presenting our board for final testing. This test is intended to test the card body itself which is separate from its biometric electronic function. The final, quick process that will ultimately allow SmartMetric to deliver its finally approved card to card-issuing banks around the world.

In-card biometric security SmartMetric uses the cardholder’s fingerprint biometrics to identify the card user and activate the card when inserted into a card reader or ATM. A sensor sits on top of the card and is simply touched by the user when reaching out to insert their card into a reader. In less than a second, the cardholder’s fingerprint is scanned and matched with their pre-registered fingerprint in the card’s fingerprint which, in turn, activates the card for a transaction.

SmartMetric is the only US-based biometric credit card company and has current manufacturing capacity to supply US card-issuing banks with over one million cards per month.

SmartMetric’s biometric card addresses the existing multi-billion chip credit and debit card market. The figures published by EMVCo reveal that at the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of almost a billion credit and debit EMVs® charts compared to the previous twelve months.

To view the SmartMetric biometric card, please follow this link – SmartMetric biometric card video. To view the company’s website: www.smartmetric.com

SOURCES:

10 Billion and Beyond: What the Latest EMV® Chip Data Means for Global Payments – EMVCo

Please note: EMV is a registered trademark of EMVCo

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