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SmartMetric as a Leading Credit Card Innovation Developer Has Created a Biometric Credit Card With on the Card Fingerprint Recognition
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
SmartMetric (OTC-PINK: SMME) is developing a groundbreaking credit card featuring real-time biometric fingerprint recognition to enhance security against credit card fraud. The card's chip only activates with the user's pre-stored fingerprint, surpassing traditional PIN security. SmartMetric's technology includes an internal power source, allowing the card to be used in various settings without being tethered to a reader. With over a decade of R&D, the company aims for approval from major global payment networks, addressing a significant market need as 10.8 billion EMV chip cards circulate worldwide.
Positive
Development of a biometric credit card enhances security against fraud.
Internal power source allows for seamless use across various transaction environments.
Over a decade of R&D signifies commitment and technological advancement.
Targeting a multi-billion dollar market with 10.8 billion EMV chip cards in circulation.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
SmartMetric, Inc. (OTCQB: SMME): In order to combat the ever-increasing battle against credit card fraud SmartMetric embarked on developing a safer and more secure credit card that has built inside of it real time instant user biometric fingerprint recognition.
The credit card's surface mounted chip is only able to work following an exact match of the card user's fingerprint that has been prestored inside of the credit card. This means the card's transaction chip is unable to function and complete a transaction if there is no biometric fingerprint match with the card user.
This takes 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 in credit and debit card security.
“SmartMetric is working on having its biometric card approved for use on a major global payments network that when the testing and approval is completed, will allow card issuing Banks and Financial Institutions around the world to adopt and use the ground breaking card technology developed by SmartMetric,” said SmartMetric’s President and CEO, Chaya Hendrick.
The biometric technology developed by SmartMetric has taken over a decade of R&D. This advanced biometric technology has been engineered and developed in-house by SmartMetric. “One of our biggest issues was to shrink the thickness of the electronic components to be around one quarter the thickness of a standard credit card. Giving existing credit card manufacturers the capability to use standard credit card manufacturing machinery to make, laminate and print new credit cards with the electronics inside,” said Chaya Hendrick.
What sets the SmartMetric biometric card solution apart from the one or two biometric card companies trying to mimic the SmartMetric biometric credit card is that the SmartMetric card 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 into a reader. 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.
Chaya Hendrick said we could have brought to market a biometric card years ago that didn’t have an internal power source and that drew its power for the fingerprint scan and match from the power of the card reader. This would have meant the card would have to be held in a card reader to perform the fingerprint scan. This in turn would make the card unusable at most ATMs as they “swallow” the card thereby not allowing the card holder to hold their finger on the fingerprint sensor. Also, in most restaurants around the world the card is taken from the table to the payment station to be processed. Instead of the user sitting comfortably at the table waiting for the card to be run through the card machine, if the card relied on the power of the card reader to work, the customer would have to get up from their table and go over to where the card is being processed in the restaurant and hold the card as it is inserted into the restaurant’s reader.
With the SmartMetric power inside the card solution the user simply touches the card's fingerprint sensor on the card's surface, hands the card to the waiter or waitress who then in turn takes it across to the card processing station to complete the credit card transaction. When activated by the card holder at their table the card stays on and able to work for up to 10 minutes giving enough time for the card to be processed by the restaurant. The same for a user at an ATM. Touching the card's sensor prior to inserting it into the ATM the card is instantly activated and is able to work in any standard ATM.
The internal power source inside the SmartMetric biometric card is connected to an internal power management system that draws power from the card reader when it is inserted inside the reader that rapidly tops up the charge inside the card. The development of power management system along with its rapid power charging capability has taken many years of R&D according to SmartMetric. The SmartMetric advanced miniature power system is at the core of the card's biometric scan being able to be used prior to the card being inserted into a credit card reader.
SmartMetric realized some years ago that for a biometric card to be adopted by major card issuing banks and the general public alike, the card needed to be able to operate in all situations that a card is presently used. SmartMetric’s President said creating and perfecting a power management system that sits inside the card, thereby allowing the card to be used at all ATMs, restaurants and all other places people use their cards, was an objective that SmartMetric would not compromise on. In fact, bringing to market a card that limited were it could be used would not be realistic in most credit card using markets.
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 multi billion existing chip-based credit and debit card market. Figures published by EMVCo 1reveal 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.
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.
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.
