SmartMetric, Inc. (OTC: SMME), 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
Unfortunately for consumers, a few premature and ill
thought-through rollouts of biometric credit cards in Europe have
met with consumer resistance. It is not because consumers are not
interested in enhanced credit card security using biometric
technology built inside the card, but rather the cards used in
these trials failed to make the experience simple and frictionless
for the card user.
First point of resistance is that card users needed to go into a
bank and use a fingerprint scanner in the bank to register their
fingerprint on the biometric card. This in a day and age when
consumers hardly ever visit a bank branch, including receiving
their credit cards via mail. The strange thing is that banking is
done on mobile phones that may or may not use biometrics, but if
biometrics is used, it is very simple for a consumer to register
their fingerprint on their phone. No need to visit a bank branch
and give your fingerprint to the bank.
“In making enrollment of a person’s fingerprint onto their
biometric card requiring a visit to a bank made such trials ready
to fail from the beginning,” said SmartMetric’s President and CEO,
Chaya Hendrick.
Another failure point was the fact that a person needed to hold
their card inside a reader, since these biometric trial cards did
not have their own internal power, but rather used the power of the
card reader to power the on-card fingerprint matching process.
“The biggest problem with card reader power-dependent cards is
that in many situations the card reader requires full insertion
into the reader, thereby not allowing the card holder to hold the
card;s fingerprint sensor to perform an on-card fingerprint scan,
making such non-powered cards unusable in many credit card use
situations,” said Chaya Hendrick.
The SmartMetric biometric card solves all these issues. Having
its own internal rechargeable battery, it allows the card to work
at home for initial secure fingerprint enrollment. As simple as
enrolling your fingerprint on a smartphone. As well as being
self-powered, the card scans the user's fingerprint prior to being
inserted into a reader, allowing the card to be used at any credit
card reader. The card user simply touches the card's fingerprint
sensor and instantly the fingerprint is scanned and matched, which
in turn activates the card's contact and contactless NFC chip.
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 fingerprint scanner inside the 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
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/20240802432773/en/
SmartMetric, Inc. Chaya Hendrick Tel: (702) 990-3687
Mobile: (305) 607-3910 (Pacific Time) ceo@smartmetric.com
www.smartmetric.com