SmartMetric Announces the Development of a Combined Multi Function Contact and Contactless Biometric Fingerprint Activated Credit Card That Uses Energy Harvesting as Well as an Internal Solid-State Battery

Rhea-AI Summary

SmartMetric, Inc. (OTC-PINK: SMME) has launched a biometric activated credit/debit card that enhances security by using the cardholder's fingerprint. This card works with both contact and contactless payment systems, requiring a fingerprint scan for activation. The biometric scan is completed in under a quarter of a second, allowing for quick transactions. The card also harvests power wirelessly from card readers, facilitating recharging. SmartMetric aims to address the multibillion-dollar chip card market, emphasizing that their solution is advanced and practical for consumers and banks alike.

Positive

• The biometric card enhances security beyond traditional PIN methods.
• It works seamlessly with both contact and contactless payment systems.
• The card harvests energy from RFID fields, allowing for internal battery recharging.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME) has developed a biometric activated credit/debit card that uses the card holders’ fingerprint to turn on the card prior to insertion of the card into a card reader or ATM.

The cards payment chip will not function in a standard contact or contactless credit card reader or ATM without the cardholder’s fingerprint first being scanned and matched. The user’s fingerprint is prestored inside the card and the cards internal fingerprint scanner is used to scan and match the user’s fingerprint in order to activate the credit or debit card.

The scan and match of the card users fingerprint takes less than a quarter of a second. The biometric scan is frictionless as it takes less time than it takes to reach across to insert the card into a reader.

Credit and debit cards that are used in the standard credit card reader where the user puts the credit card into a physical slot on the card reader is called a contact card. A credit and debit card that isn’t inserted into a card reader but rather is held over the top of the reader is called a contactless card. This operates on an RFID emission from the reader that reads an internal RFID chip sitting inside the card. Cards that have both contact function as well as the non-contact function are called dual interface cards.

SmartMetric has created a dual interface biometric fingerprint activated “dual interface” card that can be easily use across all credit and debit card reader types. Further the SmartMetric dual interface biometric card allows for multi sourced power and power recharging. When being used contactless by bringing the card into the proximity of a contactless card reader then the SmartMetric card harvests power from the RFID electronic field being emitted from the card reader. This energy is used to power the cards internal processor used to perform the rapid sub one second biometric fingerprint match. Importantly not only is the card powered through this wireless energy emission but excess power is harvested wirelessly to recharge the cards internal battery.

In the case of the card being inserted into a standard credit/debit card reader or ATM the SmartMetric card is able to draw power directly from the card reader providing a rapid recharge of the cards internal battery. The cards internal battery is used to power a fingerprint scan by the card prior to its insertion into the card reader or ATM.

A dual interface card with both contact and contactless energy acquisition is something that makes the SmartMetric biometric card a truly all situations and all card reading types solution for card issuing banks said today SmartMetric’s President and CEO, Chaya Hendrick.

This takes the credit card security to the next level beyond the less secure PIN number that is used today on credit and debit cards. Using biometric technology built into the card is a giant leap forward for credit and debit card security.

Because the SmartMetric biometric card allows the card to be used in all real-life situations and isn’t bound to being held by the user while a transaction is taking place, SmartMetric confidently believes that its biometric card solution is truly the most advanced and leading biometric card product in the world and the only truly practical biometric card solution for consumers and Banks alike.

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 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.

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/20220510006184/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 the primary feature of the SmartMetric (SMME) biometric card?

The SmartMetric biometric card uses the cardholder's fingerprint to activate before transactions, enhancing security.

How does the biometric card by SmartMetric (SMME) work in different payment systems?

The card operates with both contact and contactless payment systems by scanning the fingerprint for activation.

What market does SmartMetric (SMME) aim to address with its biometric card?

SmartMetric targets the multibillion-dollar chip-based credit and debit card market.

What are the benefits of the SmartMetric biometric card compared to traditional cards?

The benefits include enhanced security through biometrics and the ability to recharge wirelessly from card readers.

How quickly does the fingerprint scan occur with the SmartMetric biometric card?

The fingerprint scan takes less than a quarter of a second to complete.