SmartMetric Biometric Fingerprint Activated Credit Card Through Issued Patents Grants SmartMetric Exclusivity for Biometric Credit and Debit Cards in the United States

Rhea-AI Summary

SmartMetric (OTC: SMME) has secured exclusive rights in the USA for biometric fingerprint sensor-based credit cards through issued patents. The company's innovative credit card integrates an EMV chip and a fingerprint sensor, a first of its kind with an inbuilt rechargeable battery enabling use at all card readers, including contactless and ATMs. Despite prolonged development, SmartMetric has implemented advanced live fingerprint detection to prevent fraud. The global market for biometric payment cards is projected to grow from USD 74.4 million in 2021 to USD 5,878.32 million by 2030. The technology enhances transaction security and convenience, especially as credit cards remain the dominant payment method globally.

Positive

• SmartMetric secured exclusive U.S. patents for biometric fingerprint sensor-based credit cards.
• Innovative card integrates EMV chip and fingerprint sensor, unique with a rechargeable battery.
• Advanced live fingerprint detection technology implemented to prevent fraud.
• Global biometric payment cards market projected to grow from USD 74.4 million in 2021 to USD 5,878.32 million by 2030.
• Significant R&D investment, making card compatible with all readers including contactless and ATM.

Negative

• Prolonged development period for implementing new fingerprint scanner advances.
• Development required millions of dollars in research and development.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) issued patents awarded by the United States Patent Office that are licensed to SmartMetric from the founder of SmartMetric, Chaya Hendrick, gives SmartMetric exclusivity on biometric fingerprint sensor-based credit cards in the USA.

The issued patents describe and cover a credit card or debit card that has an EMV chip along with a fingerprint sensor on the surface of the card. These patents prevent any other company from selling or commercializing the use of a credit card that is a standard credit or debit card that also has a fingerprint sensor anywhere in the USA.

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.

Inside the card is also a hardware engineered solution that senses when an actual live fingerprint is used on the card that foils fake fingerprints from thieves.

“Our amazing fingerprint activated biometric credit card is years ahead of anyone else, and will provide a quantum leap in anti-credit card fraud for banks and consumers alike,” said Chaya Hendrick.

A fingerprint scan credit card is a type of biometric card that uses a built-in fingerprint scanner to verify the identity of the cardholder when they try to make a payment. This technology is designed to enhance the security and convenience of credit card transactions, especially for contactless payments, as well as standard contact payments and ATM transactions.

It has taken years of research and development to perfect the internal power system within the SmartMetric finger 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 fear and inconvenience of going somewhere else to have your fingerprint scanned and stored into the card.

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 world.

Credit cards still dominate the way consumer 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/20240517832140/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 exclusivity does SmartMetric hold for biometric credit cards in the USA?

SmartMetric holds exclusive rights through issued patents for biometric fingerprint sensor-based credit cards in the USA.

What unique features does the SmartMetric biometric credit card have?

The SmartMetric card integrates an EMV chip and a fingerprint sensor, with a rechargeable battery for use at all card readers, including contactless and ATMs.

How does the SmartMetric card prevent fraud?

The SmartMetric card uses advanced live fingerprint detection technology to foil fake fingerprints.

What is the growth projection for the biometric payment cards market?

The market is projected to grow from USD 74.4 million in 2021 to USD 5,878.32 million by 2030.

How long did SmartMetric take to develop its biometric credit card technology?

The development of the SmartMetric biometric credit card technology took several years and significant R&D investments.