SmartMetric, a Leading FinTech Developer, Has Created the Next Generation Credit Card With In-Built Biometric Card Based Validation

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) has developed a groundbreaking biometric credit card that includes an integrated fingerprint scanner for enhanced security. This innovative card can validate the user's identity in less than a second, functioning independently with its internal power source. Unlike conventional biometric cards, users can enroll their fingerprints easily at home. The technology targets the growing chip card market, which includes over 10.8 billion globally issued EMV cards. SmartMetric holds patents related to this technology, positioning itself uniquely in the financial technology sector.

Positive

• Advanced biometric card enhances security with integrated fingerprint scanner.
• Internal power source allows for usage in various situations, increasing convenience.
• Users can enroll fingerprints at home, simplifying the adoption process.
• Targets the multi-billion dollar chip-based financial card market.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): After years of research and development, SmartMetric has created what is considered to be one of the most advanced and leading-edge next generation products in the Financial Technology sector.

A credit card that has built inside, a fingerprint reader that when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is compared with your pre-stored fingerprint inside of the card and when a match occurs your 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 making a transaction.

What sets apart the SmartMetric biometric card solution 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 in a reader, thereby allowing the card to be used at regular ATMs 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,” 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.

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 use 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.

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/20211104006179/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

ceo@smartmetric.com

www.smartmetric.com

 

Source: SmartMetric, Inc.

FAQ

What is SmartMetric's new biometric card technology?

SmartMetric's biometric card features an integrated fingerprint scanner, enabling secure user validation in less than a second.

How does SmartMetric's biometric card work?

The card scans the user's fingerprint and activates only upon a successful match, enhancing security beyond traditional PIN methods.

What are the advantages of the SmartMetric biometric card?

The card's internal power source allows it to be used in various locations and enables fingerprint enrollment at home.

What market is SmartMetric targeting with its biometric card?

SmartMetric aims to penetrate the multi-billion dollar chip-based financial card market, which includes over 10.8 billion EMV cards.

What is the stock symbol for SmartMetric?

SmartMetric is traded under the stock symbol OTCQB: SMME.