SmartMetric, Inc. (OTC: SMME), addressing the 518 million issued credit card market in the United States, sees a massive market going forward for “biometrics-inside” credit cards based on published consumer research.
The biometric payment cards market is growing because consumers use biometrics to unlock mobile phones, and desire to have a biometric sensor for easy payment processing. According to Visa, amongst the surveyed American consumers in 2017, 65.0% of the consumers were familiar with biometrics, and almost 86.0% of the consumers were interested in making use of biometrics to verify identity and make payments. 1
The global biometric payment cards market size was valued at USD 74.4 million in 2021.
It is projected to reach USD 5.8 Billion by 2030, growing at a CAGR of 62.50% during the forecast period (2022–2030). 2
“We at SmartMetric are excited about the future substantial growth and demand for credit and debit cards that have built inside biometric fingerprint detection and activation such as what we have created,” said SmartMetric’s President and CEO, Chaya Hendrick.
The SmartMetric biometric fingerprint scanning credit card is unique in the world in that it is the first and only such card that has an inbuilt rechargeable battery allowing the card to be used at any type of credit card reader including contactless and ATM readers.
Inside the card is also a hardware engineered solution that senses when an actual live fingerprint is used on the card that foils fake fingerprints from thieves.
“Our amazing fingerprint activated biometric credit card is years ahead of anyone else and will provide a quantum leap in anti credit card fraud for banks and consumers alike,” said Chaya Hendrick.
A fingerprint scan credit card is a type of biometric card that uses a built-in fingerprint scanner to verify the identity of the cardholder when they try to make a payment. This technology is designed to enhance the security and convenience of credit card transactions, especially for contactless payments as well as standard contact payments and ATM transactions.
It has taken years of research and development to perfect the internal power system within the SmartMetric finger scan card. Millions of dollars in research and development have been invested to create the only card of its kind in the world that will work at all card readers. A card that is simple to download your fingerprint into the card at home without the fear and inconvenience of going somewhere else to have your fingerprint scanned and stored into the card.
The SmartMetric finger scan card is light years ahead and brings the reality of full biometric security technology to the ubiquitous credit and debit card world.
Credit cards still dominate the way consumer make payments. Non credit card payments such as phones account for less than 5% of payment transactions while the majority of transactions are done using either a credit or debit card.
According to a report published by Forbes Adviser on March 9, 2023, “Over the past year, nearly half the population (47.5%) opened at least one new account, bringing the total number of accounts to over 518 million by the end of 2022.” 3
1 Biometric Payment Cards Market Size Report, 2022 – 2030 (grandviewresearch.com)
2 Biometric Payment Cards Market Trends, Share, Size, Growth, Forecast 2030 (straitsresearch.com)
3 Credit Card Statistics And Trends 2024 – Forbes Advisor
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