SmartMetric Biometric Technology Receives Issued Patents by the United States Patent Office (USPTO)

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) has recently been granted patents by the United States Patent Office to protect its advanced biometric credit card with a fingerprint sensor. The company's President and CEO, Chaya Hendrick, emphasizes the massive market potential for this next-generation credit card. With over 300 million credit cards issued in the US, research suggests that up to 70% of existing credit card holders are willing to pay for a biometric secured credit card. SmartMetric's Gen4 biometric credit card, now in mass production, uses a fingerprint sensor to activate the card, providing enhanced security and convenience for users. The company plans to sell the card to issuing banks for $50 each, with banks deciding on the distribution approach.

Positive

• SmartMetric's biometric credit card addresses the growing demand for enhanced credit card security and convenience, tapping into a market of over 300 million credit cards in the US. The patents granted by the US Patent Office provide a significant competitive advantage, protecting the company's innovative technology. Research indicating that up to 70% of existing credit card holders are interested in biometric secured cards highlights the substantial market potential for SmartMetric's product.

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• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) announced the United States Patent Office has recently issued patents that provide protection against those who decide they would like to copy the amazing advanced biometric credit card with a fingerprint sensor built into the card.

“These recently issued patents disallow others from making biometric credit cards that have a fingerprint sensor on the card according to SmartMetric.”

“A massive market for an incredible next generation credit card,” said SmartMetric’s President and CEO, Chaya Hendrick.

Over 300 million credit cards have been issued in the United States. Consumer research reveals that up to 70% of existing credit card holders are willing to pay for a biometric secured credit card.

“The SmartMetric biometric credit card has taken years to develop and its Gen4 product designed for credit card issuing banks, is now in production said SmartMetric.”

The SmartMetric biometric fingerprint activated credit card brings the power of biometric security to the regular credit and debit card. Using the cardholder's own fingerprint, only the cardholder is able to use the card. Touching the card's sensor on the card's surface awakens the card to scan the user’s fingerprint in less than a second. The fingerprint is matched with the user's pre-stored fingerprint that has been registered inside the card's internal cryptographically secured memory.

“Research has shown that up to 70% of existing credit card users are attracted to using a biometric credit card. However, for this to be achieved the card itself must be as easy and simple to use as a current credit card, and must most definitely be able to be biometric secured and safe in all card reading situations,” said Chaya Hendrick.

SmartMetric is now in mass market production of its Gen 4 advanced biometric credit card. The company is preparing to release its advanced biometric credit card to the global credit card issuing community.

The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card nano fingerprint scanner that is used to recognize the card holder's fingerprint and in turn activate the card.

The SmartMetric biometric credit card is the only advanced biometric payments card product with an internal rechargeable battery that allows the card to be used in all card usage cases such as restaurants and ATM’s. Having its own power inside the card allows the SmartMetric biometric card to work prior to the card being inserted into a card reader.

The SmartMetric biometric fingerprint recognition technology built inside of the credit and debit card uses embedded biometric technology to positively recognize the card holder and then only after a positive fingerprint recognition, turn on the card's EMV contact and contactless payments chip.

According to an article published by Finder.com ² the number of credit card accounts open in the United States is 564,500,000. This is an all-time high for the United States.

The average American owns three credit cards. 83% of Americans own at least one credit card. 14% of Americans own at least 10 credit cards.

SmartMetric plans to sell its advanced biometric credit card to card issuing banks for $50.00 a card. In turn, banks will decide whether or not to provide the card for free to its card users or offer it as a premium card to its top tier card users for a fee.

To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com

¹ 2023 Credit Card Fraud Report | Security.org

² 2023 Credit card debt and spending statistics in the US | finder.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/20231113074037/en/

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, Inc. (OTC: SMME) recent announcement about?

SmartMetric, Inc. has announced the issuance of patents by the United States Patent Office to protect its advanced biometric credit card with a fingerprint sensor.

How does SmartMetric's biometric credit card work?

SmartMetric's biometric credit card uses a fingerprint sensor to activate the card, providing enhanced security and convenience for users.

What is the market potential for SmartMetric's biometric credit card?

Research suggests that up to 70% of existing credit card holders are willing to pay for a biometric secured credit card, indicating a substantial market potential for SmartMetric's product.

How much does SmartMetric plan to sell its biometric credit card for?

SmartMetric plans to sell its advanced biometric credit card to card issuing banks for $50.00 a card, with banks deciding on the distribution approach.