NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Having spent years of research and development, SmartMetric has created what is considered to be one of the most advanced and leading-edge next generation product in the credit card industry.
A credit card that has built inside of it, a fingerprint reader that when you touch a sensor on the cards surface, scans the users fingerprint in less than a second. The user’s fingerprint is compared with their pre-stored fingerprint inside the card and when a fingerprint match occurs the card is turned on. Instant secure user validation that goes beyond the use of a PIN in protecting the use of a credit or debit card when making a transaction.
What sets the SmartMetric biometric card solution apart from the one or two companies who have tried to copy the SmartMetric biometric card is that the SmartMetric card is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted into a reader. This allows the card to be used at regular ATM’s and in situations where the card is used in places like a restaurant where the card is taken away from the dining table to be processed.
“When developing the SmartMetric biometric card, we were particularly aware that for its adoption by card issuing Banks and consumers, the card would need to work in all real-life situations in which the public uses cards today. The card had to work in all situations that a card user would want to use their card necessitating that the card had its own internal power source so as the biometric scanning could take place on the card before it was for instance inserted into an ATM,” said SmartMetric’s President and CEO Chaya Hendrick.
The SmartMetric Biometric Card goes beyond using its sub micro electronics inside the card for identity validation of the card user. It has large memory along with a very fast processor making the card an exciting new technology platform for advanced multi applications performed on the credit or debit card. Ushering in a new dimension of advanced offerings for credit card issuers.
“We see the future of the credit card as a multi-function and multi-application platform that can be used in a variety of combined situations such as storing a person’s vital medical records while also being used as a day-to-day credit card. This opens up a whole new area of new and exciting joint marketing opportunities for credit card issuers,” said Chaya Hendrick.
SmartMetric’s Biometric card addresses the multi billion existing chip based financial 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.
In addition, EMVCo reports that 86% of all card-present transactions conducted globally using EMV® chip technology. This is based on the data that could be obtained from American Express, Discover, JCB, Mastercard, UnionPay and Visa. It should be noted that, globally, 86.1% of transactions are EMV chip.
SmartMetric foresaw the global adoption of credit and debit cards with chips. It embarked on developing a biometric fingerprint scanner small enough to fit inside a credit card over a decade ago. “Reducing the electronics to miniature scale of less than 0.3mm allowing it to fit inside a credit card that meets ISO standards for such cards has been a long process but one we are glad we set out to achieve,” said today SmartMetric’s President and CEO, Chaya Hendrick.
The SmartMetric in-the-card fingerprint scanner allows for the card’s chip to only work following a successful scan and match of the card users fingerprint. Unlike other biometric cards, the SmartMetric card does not need the card user to go into a bank branch to have their fingerprint stored on their new biometric card. Instead, the SmartMetric Biometric Card allows the card user to enroll their fingerprint when they first receive it at home as simply as it is when enrolling your fingerprint on a smartphone.
Touch and store read once technology developed by SmartMetric for its biometric card allows mass card issuing financial institutions to issue their cards direct to the consumers as they normally do without the need for consumers to come into a bank branch to activate their new biometric card.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe and United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
SmartMetric has issued patents and patents pending surrounding its biometric card technology.
EMV is a registered trademark of EMVCo
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