SmartMetric Announces the Successful Manufacture of Its GEN4 Fingerprint Activated Credit Card With the SmartMetric Miniature Fingerprint Scanner Inside the Card

Rhea-AI Summary

SmartMetric (OTC: SMME) announces the manufacture of its GEN4 biometric fingerprint activated credit and debit card, addressing a projected $5.8 billion market for biometric cards. The card features a miniature fingerprint scanner inside, capable of scanning a fingerprint in less than half a second, ensuring authentication before use. It operates independently of card readers, making it compatible with all existing readers, including ATMs.

The GEN4 card enhances security by using a fingerprint instead of a PIN code and has an inbuilt rechargeable battery. It requires no specialized fingerprint storage readers, simplifying the user experience. The global biometric payment cards market, valued at $74.4 million in 2021, is expected to grow to $5.8 billion by 2030, with a CAGR of 62.50%. SmartMetric’s President and CEO, Chaya Hendrick, highlights the card's advanced security features and long development process.

Positive

• SmartMetric has successfully manufactured its GEN4 biometric fingerprint activated credit card, a key milestone after years of research.
• The global biometric payment cards market is projected to grow from $74.4 million in 2021 to $5.8 billion by 2030, with a CAGR of 62.50%, indicating a large market potential.
• The card features a unique inbuilt rechargeable battery, allowing it to be used at any type of credit card reader, including ATMs and contactless readers.
• The card enhances security by using a fingerprint instead of a PIN, addressing fraud risks.

Negative

• The development of new advances for the fingerprint scanner took longer than anticipated, potentially delaying market entry.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME), in addressing the projected $5.8 Billion estimated market for biometric cards, is pleased to announce the manufacture of its advanced GEN4 biometric fingerprint activated credit and debit card.

Embedded inside the card is the SmartMetric miniature fully functional fingerprint scanner that scans the cardholder’s fingerprint in less than a half a second. The card user simply touches the sensor on the card’s surface that immediately senses whether the fingerprint is from a live person and performs an instantaneous scan of the fingerprint and match of the user’s pre-stored fingerprint encoded and encrypted inside the card’s memory.

Unlike others, the SmartMetric fingerprint activated biometric credit card is self powered allowing the card to operate a scan and match prior to being inserted in a card reader. This makes the card usable at all card readers including ones that swallow the card.

“Our card is designed to work with all existing card readers including ATMs while also being as easy as the experience with a mobile phone in the first time storing the user’s fingerprint inside the card. No special fingerprint storage readers at banks or other methods. Simply touch the card’s sensor 4 times and the fingerprint is permanently stored inside the card. The SmartMetric biometric card is an in-home, easy-to-store and activate card,” said SmartMetric’s President and CEO, Chaya Hendrick.

Taking credit card security beyond the risky and unsafe four digit PIN code, the SmartMetric GEN4 biometric card uses the card owner’s fingerprint to turn on the card after a secure on-card fingerprint match and live person detection.

“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 Chaya Hendrick.

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

It is projected to reach USD 5.8 Billion 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.

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/20240627053728/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 is SmartMetric's GEN4 biometric fingerprint activated credit card?

SmartMetric's GEN4 biometric fingerprint activated credit card is an advanced credit and debit card featuring an inbuilt miniature fingerprint scanner that scans and matches the cardholder's fingerprint in less than half a second for enhanced security.

What market is SmartMetric's GEN4 biometric card targeting?

SmartMetric's GEN4 biometric fingerprint activated card targets the growing biometric payment cards market, projected to reach $5.8 billion by 2030.

What makes SmartMetric's GEN4 card unique in terms of functionality?

The SmartMetric GEN4 card has a unique inbuilt rechargeable battery that allows it to operate independently of card readers, making it compatible with all existing types of card readers, including ATMs and contactless readers.

Why is SmartMetric's GEN4 card considered more secure than traditional cards?

The GEN4 card replaces the traditional PIN code with a fingerprint scan, reducing the risk of fraud and unauthorized access.

What is the growth projection for the biometric payment cards market according to SmartMetric?

The biometric payment cards market is projected to grow from $74.4 million in 2021 to $5.8 billion by 2030, with a CAGR of 62.50%.

How does the fingerprint enrollment process work for the SmartMetric GEN4 card?

Users touch the card’s sensor four times to store their fingerprint permanently inside the card, simplifying the enrollment process without needing specialized readers.

What challenges did SmartMetric face in developing the GEN4 card?

SmartMetric faced longer-than-expected development times to implement new advances like live fingerprint detection in the biometrics scanner.

How fast can SmartMetric's GEN4 card scan a fingerprint?

The SmartMetric GEN4 card can scan and match a fingerprint in less than half a second.