Biometric Fingerprint Activated Credit Cards Developed by SmartMetric Incorporate an Advanced Secure Cryptographic Processor for Storing the Users Fingerprint

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) has developed a revolutionary biometric card that employs advanced cryptographic technology. This card features a dual-processor system, enhancing security by storing a user's fingerprint separately from payment processing. This innovation allows for at-home fingerprint enrollment, addressing a gap in the US market where over 80% of credit cards are issued by mail. With a robust patent portfolio, SmartMetric aims to tap into the multibillion-dollar chip-based card market, which exceeded 10.8 billion issued cards globally by 2020.

Positive

• Introduction of a dual-processor biometric card enhances security and allows for at-home fingerprint enrollment.
• Meets the needs of US credit card issuers, facilitating a smoother customer experience by eliminating the need to visit bank branches.
• Strong patent portfolio with issued and pending patents protecting its innovative biometric technology.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): Uses advanced cryptographic technology inside the powerful microprocessor inside the SmartMetric fingerprint biometric card. This advanced microprocessor is used to store images of a persons fingerprint inside the card much in the same way as a mobile phone stores a fingerprint.

SmartMetric biometric cards do not use the payments chip that is seen on the regular credit cards surface. Leaving this chip dedicated for the processing payments at a credit card reader. Storing and matching a person’s fingerprint in a separate processor allows for the users fingerprint to double firewalled and protected by highly secure cryptographic technology.

“One of the great features of our card using dual processors, one for card transaction processing and another for fingerprint storage and scan and match, provides a high level of security for fingerprints also importantly it allows for at home fingerprint enrolment which is very important for most large credit card issuers in the United States,” said SmartMetric’s President and CEO, Chaya Hendrick.

Being a USA company we have been careful to design a biometric card solution that meets the needs of USA credit card issuers. A European biometric card developed by some who wanted to compete with the SmartMetric biometric card uses only a single processor. That is, they only use the payments chip used for payment processing seen on the surface of credit cards. The serious issue for this type of card is that because it is using the same processor used for credit card transactions a new card user needs to go into a bank branch and use a secure fingerprint scanner to input their fingerprint into the card. With our card the new biometric card user does not need to go into a bank branch and can easily and securely use the cards fingerprint on-card sensor for storing their fingerprint.

This product difference is massive, particularly in the USA market that has more than 80% of credit cards issued by mail. One of the largest credit card issuers only has a handful of branches but distributes millions of new cards a year direct to their customers through the mail.

“Having a biometric card built for the needs of credit card issuers is one of the overriding guidelines that has driven our advanced and unique biometric card,” said Chaya Hendrick.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit 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.

SmartMetric has “licensed” issued patents and patents pending as well as trade secrets protecting its biometric card technology.

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 Data Source: 10 Billion and Counting: What the Latest EMV^® Chip Data Means for Global Payments - EMVCo

EMV is a registered trademark of EMVCo

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/20220310005897/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687 or (305) 607-3910

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is SmartMetric's biometric card technology?

SmartMetric's biometric card uses advanced cryptographic technology with a dual-processor system for enhanced security, storing fingerprints separately from payment processing.

How does SmartMetric's biometric card improve on existing technology?

Unlike competitors that require in-branch fingerprint enrollment, SmartMetric's card allows users to enroll fingerprints at home, addressing a significant market need.

What market does SmartMetric target with its biometric card?

SmartMetric targets the multibillion-dollar chip-based credit and debit card market, which had over 10.8 billion cards issued globally by the end of 2020.

When was SmartMetric's latest press release issued?

The latest press release from SmartMetric was issued on March 10, 2022.

How many credit cards are issued by mail in the US?

Over 80% of credit cards in the US are issued by mail, highlighting the market potential for SmartMetric's biometric card.