SmartMetric, Inc. (OTCQB: SMME): As a leader in fingerprint-activated biometric credit cards, the company sees 2022 as the year in which major credit card issuing banks around the world will advance the adoption of these cards based on advanced biometric technology.
According to independent market research commissioned by SmartMetric, nearly seventy percent (70%) of credit card holders in the United States are willing to pay seventy dollars ($ 70) for such cards. Consumer research has shown that the greatest motivation for consumers to pay for a secure biometric credit card is the added sense of security these cards provide to the credit card user.
There are now nearly 11 billion EMV smart cards issued and used worldwide. A low adoption rate of just one percent (1%) would result in the issuance of over 100 million biometric fingerprint credit cards in the future.
SmartMetric is now working with one of the world’s largest credit card network brands to officially get their card approved. This will then enable the SmartMetric biometric card to be offered to banks around the world that use this network of credit and debit cards for card transactions.
SmartMetric has struggled, like many in the tech manufacturing space, with delivering components. These difficulties have now been overcome and SmartMetric plans to move forward in early 2022 with the delivery of its next-generation biometric card to card issuers around the world.
A built-in credit card, a fingerprint reader that, when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is then compared to your pre-registered fingerprint inside the card and when a match occurs, your card is activated. Instant and secure user validation that goes beyond the use of a PIN code to protect the use of a credit or debit card during a transaction.
What sets the SmartMetric biometric card solution apart from others is that it is designed with its own internal power source. This allows the card to function and perform fingerprint scanning before the card is inserted into a reader. This allows the card to be used in regular ATMs and in situations where the card is used in places like a restaurant where the card is pulled from the dining table to be processed.
âDuring the development of the SmartMetric biometric card, we were particularly aware that for its adoption by card issuing banks and consumers, the card should work in all real-life situations by all card reading devices, including including ATMs and in restaurants, âsaid the president of SmartMetric. and CEO Chaya Hendrick.
The SmartMetric biometric card goes beyond the use of its sub-microelectronics inside the card for the validation of the identity of the card user. It has a large memory as well as a very fast processor making the card an exciting new technology platform for multiple advanced applications executed on the credit or debit card. Introducing a new dimension of advanced offers for credit card issuers.
SmartMetric’s biometric card addresses the existing market of several billion financial chip cards.
The figures published by EMVCo 1 reveal that at the end of 2020, 10.8 billion EMVÂ® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of nearly a billion in EMV credits and debitsÂ® cards compared to the previous twelve months.
Additionally, EMVCo reports that 86% of all card transactions are made globally using EMV.Â® chip technology. This is based on data that could be obtained from American Express, Discover, JCB, Mastercard, UnionPay and Visa. Note that, overall, 86.1% of transactions are done on EMV chip.
SmartMetric predicted the global adoption of chip credit and debit cards. He embarked on the development of a biometric fingerprint reader small enough to fit in a credit card over ten years ago. âReducing electronics to a miniature scale of less than 0.3mm, allowing it to fit into an ISO-compliant credit card for such cards has been a long process, but we’re glad we set out to do so. achieve it, âsaid the President and CEO of SmartMetric today. , Chaya Hendrick.
The fingerprint scanner built into the SmartMetric card allows the card chip to work only after a successful scan and match of the card user’s fingerprint. Unlike other biometric cards, the SmartMetric card does not require the card user to visit a bank branch to have their fingerprint registered on their new biometric card. Instead, the SmartMetric biometric card allows the card user to register their fingerprint when they first receive it at home as easily as when registering their fingerprint on a smartphone. .
The Touch and Store Read Once technology developed by SmartMetric for its biometric card allows financial institutions issuing mass cards to issue their cards directly to consumers as they normally do without consumers having to visit a bank branch to activate their new biometric card.
SmartMetric is a United States-based company with sales and marketing partnerships in Latin America, Europe, and the United States. The engineering of the electronics of the biometric card is carried out in-house and is the intellectual property of SmartMetric.
SmartMetric has issued patents and pending patents relating to its biometric card technology.
To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card Video. To visit the company’s website: www.smartmetric.com
1 Data source: 10 billion and counting: what the latest EMV chip dataÂ® mean for global payments – EMVCo
EMV is a registered trademark of EMVCo
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