SmartMetric Biometric Card Leads the World in Having a Biometric Credit Card That Works With All Card Readers

Rhea-AI Summary

SmartMetric (OTC: SMME) has developed a biometric credit card compatible with all card readers, overcoming limitations faced by competitors. Their card features an internal power management system and rechargeable battery, allowing fingerprint scans without being held in the card reader. Unlike other cards, which require users to enroll their fingerprints at bank branches, SmartMetric enables home enrollment. Following supply chain challenges, the company is now manufacturing 1 million cards monthly, targeting the growing demand in the multibillion-dollar chip card market.

Positive

• Developed a biometric card compatible with all credit card readers.
• Internal power management and rechargeable battery for enhanced usability.
• Enables home fingerprint enrollment, unlike competitors requiring bank visits.
• Currently manufacturing 1 million cards monthly to meet demand.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME), having spent years of research and development to perfect the miniaturization of electronic components along with the development of the SmartMetric card internal nano power management system, has created a biometric card that works with all credit card readers, including restaurants, store checkouts and ATM’s.

SmartMetric biometric card (Photo: Business Wire)

Other companies who have attempted to copy the SmartMetric biometric credit card have failed to have a card that works across all card readers. These imitators have not spent the years of R&D that SmartMetric has in developing an internal power system, nor do they have a rechargeable internal battery to enable the card to work without being held in the card reader. The other card companies, because they do not have an internal power source, use the power of the card reader to power the fingerprint reading processor. This requires their card to be held in the card reader while a fingerprint scan of the card holder is done on their card.

This failed system design by other biometric card companies means that the card will not work at ATM’s and most EMV gas pumps that of course “swallow” the card, not permitting the user to hold the card's fingerprint sensor on the card for a fingerprint scan. Restaurants that take the card from the table and process the payment at their card reading station also will not be able to process these non-powered biometric cards, since such cards need to be held by the card holder when the card is inserted into the card reader. Of course, restaurants that have a portable card reader that is brought to the table will work, but in markets such as the United States, it is a minority of restaurants that have portable to the table card readers.

The imitators of the SmartMetric biometric credit card are based in Europe. An un-powered biometric card may work in more restaurants than in the USA because of the use of portable card readers used at the table. But these cards will not work, even at ATM’s.

The other big issue for non-powered biometric credit cards is that they require that the card holder go into a bank branch to receive their card and use a special fingerprint reading machine to have their fingerprint stored inside the card. The SmartMetric biometric card, because it has its own internal power source and because it uses a separate processor for the biometric scan and match function to the payments chip, is able to enroll a user’s fingerprint at home. As simply as one would enroll a fingerprint on a mobile phone.

The largest card issuing banks in the USA send out their new credit cards via the mail to the card holder’s home. In fact, one the largest card issuers only has a handful of bank branches and is in no position to mass roll out to its customers a card that requires customers to come into a branch for fingerprint enrollment on the card.

“Simply poor thinking and design that has created far too many friction points in the use of biometric cards by imitators leaves the SmartMetric biometric credit card solution without question as the most superior solution for credit card issuers and consumers alike,” said SmartMetric’s President & CEO, Chaya Hendrick.

Trials of the European designed non-powered biometric cards have run into adoption and usage problems for the very reasons that make their biometric cards unfriendly to card issuing banks and their customers.

The SmartMetric biometric credit card solution is without a doubt without peers in the world of biometric cards. Years of research and development with a clear objective of creating a best-in-class biometric card solution with a user centric focus has given SmartMetric an unbelievable new credit card category product.

SmartMetric believes it has created the most advanced biometric credit card solution in the world. “While others may try to imitate, none have come even close to achieving the advances we have that allow our card to be used in all types of credit card readers in all card usage situations,” said Chaya Hendrick.

As guidance, SmartMetric is now in active manufacture of its latest and most advanced version of its biometric credit and debit card.

“After suffering a great deal of supply chain issues, we are please to say that we are now able to move forward with full card manufacturing with a current capacity of 1 million cards a month,” said Chaya Hendrick.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo ² 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.

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/20221209005579/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687 or (305) 607-3910

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What are the key features of SmartMetric's biometric card?

SmartMetric's biometric card includes an internal power management system and a rechargeable battery, allowing it to function with all types of card readers without being held in the reader for fingerprint scanning.

How does SmartMetric's card differ from competitors?

Unlike competitors, SmartMetric's card allows users to enroll fingerprints at home rather than requiring a visit to a bank branch, enhancing user convenience.

What is SmartMetric's manufacturing capacity for the biometric card?

SmartMetric is currently capable of manufacturing 1 million biometric cards per month.

What market is SmartMetric targeting with its biometric card?

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

Why do some biometric cards fail to work at ATMs?

Many biometric cards lack an internal power source, requiring them to be held in the card reader for fingerprint scanning, which is not feasible for ATMs that 'swallow' cards.