SmartMetric, Inc. (OTC: SMME) is of the view that poorly thought out and less advanced copycat biometric credit cards will result in these inferior cards failing in the market.
“For a biometric credit card to succeed in market adoption and use the card must be as simple to input your fingerprint biometrics into the card as that experienced using a mobile phone. It also needs to be able to be used as a biometric secured card at all touch points (readers) as a standard credit or debit card. Anything short of this will lead to consumers not adopting biometric card technology,” said SmartMetric’s President and CEO, Chaya Hendrick.
A couple of copycat biometric credit cards have been trialed in Europe that require the user to go to a bank branch to register their fingerprint into the card. These same cards do not provide biometric protection at ATMs and most gas stations. They disengage the biometric protection function for these readers, voiding the biometric protection that the card users were promised when using these cards.
The biggest single reason for the clumsy, inefficient and, to coin a phrase, “friction laden” card is because they do not have an internal power source inside the card, making the biometric function unworkable when a card reader is “swallowed” by the card reader, according to Chaya Hendrick.
SmartMetric realized early on in its quest for developing a biometric credit card that the card needed to be as frictionless and as easy to use as a current credit card, otherwise its adoption would meet card user resistance. To this end SmartMetric has spent a great deal of time and resources in creating a biometric credit card that has its own rechargeable internal power built inside the card.
“Research has shown that up to 70% of existing credit card users are attracted to using a biometric credit card. However, for this to be achieved the card itself must be as easy and simple to use as a current credit card and must most definitely be able to be biometric secured and safe in all card-reading situations,” said Chaya Hendrick.
SmartMetric is now in mass market production of its Gen 4 advanced biometric credit card. The company is preparing to release its advanced biometric credit card to the global credit card issuing community.
Being the original creator of biometric credit cards, SmartMetric is poised to lead the world in the manufacturing and release of biometric credit cards for sale to card-issuing Banks.
The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card nano fingerprint scanner that is used to recognize the card holder’s fingerprint and in turn activate the card.
The SmartMetric biometric credit card is the only advanced biometric payments card product with an internal rechargeable battery that allows the card to be used in all card usage cases, such as restaurants and ATMs. Having its own power inside the card allows the SmartMetric biometric card to work prior to the card being inserted into a card reader.
The SmartMetric biometric fingerprint recognition technology built inside of the credit and debit card uses embedded biometric technology to positively recognize the card holder and then, only after a positive fingerprint recognition, turn on the card’s EMV contact and contactless payments chip.
According to an article published by Finder.com 2 the number of credit card accounts open in the United States is 564,500,000. This is an all-time high for the United States.
The average American owns three credit cards. 83% of Americans own at least one credit card. 14% of Americans own at least 10 credit cards.
SmartMetric plans to sell its advanced biometric credit card to card issuing Banks for $50.00 a card. In turn Banks will decide whether or not to provide the card for free to its card users or offer it as a premium card to its top tier card users for a fee.
To view the SmartMetric Biometric Card please follow this link – Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com
1 2023 Credit Card Fraud Report | Security.org
2 2023 Credit card debt and spending statistics in the US | finder.com
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231110004682/en/