SmartMetric Advises It Has Completed Electronic Assembly of Its New Biometric Card

Rhea-AI Summary

SmartMetric (OTC: SMME) has completed the electronic assembly of its new biometric card, now set for software integration at its engineering center. This card aims to enhance credit card security and is currently being presented to a major global payments network for testing. Following successful testing, the card will be available to banks for distribution. Independent research indicates that up to 70% of credit card holders are willing to switch to a biometric card, willing to pay $70 for such security. SmartMetric claims its card's fingerprint technology surpasses competitors, featuring live detection capabilities and patent protection in the USA and internationally. The biometric card is compatible with over 11 billion EMV Chip cards issued globally.

Positive

• Completion of the biometric card's electronic assembly and software integration.
• High market interest with 70% of credit card holders willing to switch for improved security.
• Innovative live fingerprint detection feature not offered by competitors.
• Patented technology provides legal protection against imitation.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) has completed the electronic assembly of its new biometric card. The card is now being shipped to its engineering center to have the card's software, including the card's operating system, fingerprint sensing software and the card's advanced power management software, installed.

SmartMetric has separated its software from its electronic assembly process to add greater protection for its specialized and highly valuable software.

Following the card's software integration and final printing lamination SmartMetric will be presenting its card to a major global credit card payments network for final testing and approval for use of the card on the network worldwide.

Once network testing is completed, SmartMetric will then be making its card available to certain banks who are motivated to introduce the SmartMetric advanced biometric card to its credit card customers. Being an advanced new credit card offering the banks are looking at using the card to not only assist in the ongoing battle against credit card fraud but to have the card win them new customers who are attracted to using a biometric protected card for their daily credit card use.

As mentioned in an earlier media release by the company, independent research has shown that up 70% of existing credit card holders are willing to switch to a safer and more secure “biometric” credit card that has fingerprint scanning biometric technology inside. The same research showed these credit card users in the research survey said they are willing to pay $70.00 for a biometric credit card.

"What we have created is arguably the most advanced biometric secured credit card ever developed, a card that is designed to work at all card readers and allow mass credit card issuers to send the card to their customers for at home fingerprint in-card enrollment," said SmartMetric’s President and CEO, Chaya Hendrick.

Other less advanced biometric cards require the user to go into a bank and use a special reader to enroll their fingerprint onto a card. These basic cards also do not have their own power source but rather require the card to be held while in a credit card reader. This makes them unable to work in most ATMs, gas pumps and restaurants.

“There is nothing that comes near the advanced level of the SmartMetric biometric credit card,” said Chaya Hendrick.

The SmartMetric card also has a new hardware feature built inside that detects whether or not the fingerprint touching the card's sensor is in fact a live person or say a silicon replica of a fingerprint. No other biometric card on the market has this feature. Rather they say they are using software to achieve live detection; however, our own engineering testing has shown that software cannot adequately achieve proper fingerprint detection discernment between a fake fingerprint and a live fingerprint.

“Our card is in our opinion the most advanced biometric credit card to be made. It is also protected by issued patents in the USA that will allow us to file injunctions against copycats who want to copy what we have spent years in developing,” said Chaya Hendrick.

Patents have also been filed in accordance with the Hague convention internationally.

According to figures released by the credit card standards body EMVco more than 11 billion EMV Chip cards have now been issued by financial institutions around the world. The SmartMetric biometric technology works with these EMV chips and existing chip card readers and ATMs.

ABOUT THE SMARTMETRIC BIOMETRIC CARD: Keeping your biometric identity safe is at the center of the design of the SmartMetric biometric card. At no time does a card holder's fingerprint leave the card. A person’s fingerprint is stored inside the card and matching of the person's fingerprint is done on the card itself. This was a central design requirement of the SmartMetric biometric card solution that necessitated SmartMetric to create a self-powered inside the card, fully functional fingerprint scanner. Also, so that the card could be used at ATMs and POS (Point Of Sale) card readers the SmartMetric development team created an on card miniature power management system that recharges the card as it is being used in card readers.

To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card

To view the company website: www.smartmetric.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/20230417005801/en/

SmartMetric, Inc.

Head Office

702.990.3687 or 305.607.3910 (Pacific Daylight Time)

ceo@smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is the latest update on SmartMetric (SMME) biometric card?

SmartMetric has completed the assembly of its biometric card and is integrating the software before testing it with a global payment network.

How many credit card holders are interested in biometric cards according to the research?

Independent research indicates that up to 70% of credit card holders are willing to switch to a biometric card.

What feature makes the SmartMetric biometric card unique compared to other biometric cards?

SmartMetric's biometric card includes a live detection feature to distinguish between real and fake fingerprints.

Is SmartMetric (SMME) patent protected?

Yes, SmartMetric holds patents in the USA and internationally for its biometric card technology.

How many EMV Chip cards have been issued worldwide?

According to EMVco, over 11 billion EMV Chip cards have been issued globally.