SmartMetric Announces the Successful Completion of Its Electronics Assembly of Its Miniature Fingerprint Scanner That Fits Inside a Standard Credit Card

Rhea-AI Summary

SmartMetric (OTC: SMME) announces the completion of its miniature fingerprint scanner embedded in a standard credit card. This advanced biometric security feature scans the user's fingerprint in under a second, using an internal rechargeable battery, making it compatible with all card readers, including ATMs and gas pumps. The biometric payment cards market, valued at USD 74.4 million in 2021, is projected to reach USD 5,878.32 million by 2030, growing at a CAGR of 62.50%. The new technology includes live fingerprint detection to prevent fraud and enhances the overall security and convenience of credit card transactions. This innovation marks a significant milestone after years of research and development.

Positive

• Successful completion of miniature fingerprint scanner integration.
• Immediate fingerprint scanning and authentication in less than a second.
• Internal rechargeable battery ensures compatibility with all card readers, including ATMs and gas pumps.
• Projected market growth from USD 74.4 million in 2021 to USD 5,878.32 million by 2030.
• Advanced security with live fingerprint detection to prevent fraud.
• Years of research and millions of dollars invested in development.

Negative

• Substantial delays due to pandemic-related supply chain issues.
• Extended development timeline due to technical challenges.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME), after substantial delays brought about from pandemic related supply chain issues, is pleased to announce that it has successfully completed the manufacture of its sub micro “nano” fingerprint scanner that fits inside a credit card. This allows the card holder's fingerprint to be used as the ultimate security key to unlock the credit card as it is inserted into a credit card reader or ATM.

Taking credit card security beyond the risky and unsafe four digit PIN code, SmartMetric has developed a super small and thin fingerprint scanner that brings high level biometric security to the credit card. The card holder simply touches a sensor on the card's surface and in less then a second, the user's fingerprint is scanned and matched with the card holder's encrypted fingerprint stored inside the card.

Some of the recent advancements SmartMetric has achieved in its now Gen4 biometric credit card technology is an inbuilt physical sensor that determines if an actual human live fingerprint is being used. This protects the card from being used by, for instance, a fake silicon fingerprint replica.

In addition, the SmartMetric fingerprint electronics is powered by an extremely thin hybrid nano rechargeable battery, allowing the card to be used in card readers at such places as gas station pumps and ATMs that take the card wholly into the card reader.

“We could have relatively easily released a biometric card that uses the card reader's power to power the fingerprint scanning function without the need of an internal battery, some years ago. This would have restricted the card to be used only in card readers that you only partially insert the card into while you hold the card's surface sensor to perform a card reader powered fingerprint scan, prohibiting the card from being able to be used at most gas pumps and ATMs. Having our card with an internal rechargeable self powering battery was absolutely imperative to be able to be used anytime and anyplace a card user wanted to use their biometric credit card,” said SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric is excited about having reached this major milestone in bringing its advanced biometric credit card to fruition after years of research and development, said Hendrick.

The global biometric payment cards market size was valued at USD 74.4 million in 2021.

It is projected to reach USD 5,878.32 million by 2030, growing at a CAGR of 62.50% during the forecast period (2022–2030). ^1.

“Implementing new advances into its biometric fingerprint scanner built inside the credit card, such as live fingerprint detection, has taken a lot longer than we would have hoped but we are glad to have finally reached this stage after such a long and lengthy development process," 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.

“Our amazing fingerprint activated biometric credit card is years ahead of anyone else and provides a quantum leap in credit card anti fraud protection for banks and consumers alike,” said Chaya Hendrick. This technology is designed to enhance the security and convenience of credit card transactions, especially for contactless payments as well as standard contact in store payments and ATM transactions.

It has taken years of research and development to perfect the internal power system within the SmartMetric fingerprint 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 trouble and inconvenience of going somewhere else to have your fingerprint scanned and stored into the card. First time storage of your fingerprint in the card is as simple and secure as registering your fingerprint in a smartphone.

The SmartMetric finger scan card is light years ahead and brings the reality of full biometric security technology to the ubiquitous credit and debit card global market.

Credit cards still dominate the way consumers 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.” ^2.

¹ Biometric Payment Cards Market Trends, Share, Size, Growth, Forecast 2030 (straitsresearch.com)
² 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/20240605343363/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

Mobile: (305) 607-3910 (Pacific Time)

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What recent advancement has SmartMetric announced regarding its biometric credit card?

SmartMetric has announced the successful completion of its miniature fingerprint scanner that fits inside a standard credit card.

How does the new biometric credit card by SmartMetric work?

The card uses a miniature fingerprint scanner that authenticates the user's fingerprint in less than a second, powered by an internal rechargeable battery.

Why is the internal rechargeable battery in SmartMetric's card significant?

The internal rechargeable battery allows the card to be used with all types of card readers, including ATMs and gas pumps, which fully insert the card.

What market growth is anticipated for biometric payment cards?

The biometric payment cards market is projected to grow from USD 74.4 million in 2021 to USD 5,878.32 million by 2030, with a CAGR of 62.50%.

What security feature does SmartMetric's biometric credit card offer?

SmartMetric's card includes live fingerprint detection, preventing fraud by ensuring only a real human fingerprint can activate the card.

What caused delays in the development of SmartMetric's biometric card?

The development faced substantial delays due to pandemic-related supply chain issues and technical challenges.