SmartMetric in Last Stage of Manufacture of Its Latest Biometric Fingerprint Credit Card Product

Rhea-AI Summary

SmartMetric, Inc. (OTC-PINK: SMME) announces nearing completion of its biometric credit card with an advanced nano fingerprint reader, despite previous supply chain delays. The card features a rechargeable battery, robust live fingerprint detection hardware, and a refined circuit board that fits ISO card thickness. It includes an operating system for fingerprint scanning and self-enrollment capabilities. The company anticipates manufacturing completion within 4 to 8 weeks and aims to address the multibillion-dollar chip card market, expected to grow significantly.

Positive

• Near completion of a biometric credit card despite previous delays.
• Advanced features include a rechargeable battery and live fingerprint detection hardware.
• Self-enrollment capabilities for easier consumer adoption.
• Anticipation of addressing a multibillion-dollar market with significant growth.

Negative

• Previous delays in component delivery and manufacturing.
• Ongoing reliance on supply chain stability for future production.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): Having been confronted with delays and obstacles in component delivery along with physical issues with supply chain and component manufacturing, SmartMetric is pleased to advise that it is now nearing the completion of the manufacturing of its latest version of its biometric credit card with the advanced nano fingerprint reader built inside the card.

(Photo: Budiness Wire)

The main advanced features of the SmartMetric biometric card are:

1. Internal rechargeable hybrid solid state battery that allows the card to be used for fingerprint recognition prior to the card being inserted into a reader. This state-of-the-art battery has been tailor made to the specifications of SmartMetric. It is non-volatile and can withstand being cut or punctured. The physical size is less than half of the prior battery that was being used by SmartMetric. Having a power source inside the card allows the card to be used for a fingerprint scan at such places as ATMs that “swallow” the card and at restaurants where the attendant takes the card from the table to process at the counter.
   
   
2. Hardware solution that identifies a live fingerprint and differentiates between a real fingerprint as apposed to a fake fingerprint made of, say, silicon. This feature is unique to the SmartMetric biometric card and provides for a solid and robust live fingerprint detection. Others have said they can achieve live fingerprint detection through software. Our testing in R&D in our engineering center in Tel Aviv, Israel has shown us that software-based live detection does not work. SmartMetric has spent a great deal of time and effort in designing and developing its live fingerprint hardware-based detection system.
   
   
3. Refined our circuit board used to mount our electronic components to achieve greater thinness and smaller size. Having an electronics circuit board with mounted electronic components that fits inside a credit card ISO thickness has always been a challenge. It has taken SmartMetric years of R&D to perfect is miniaturization to less than 1/3 the thickness of a credit card. This is an incredible achievement in the field of electronics. Especially when you consider the SmartMetric circuit board has an ARM Cortex processor, flash memory and a complex power management system. It is akin to having a smartphone ciruit board one third the thickness of a credit card. This achievement in miniaturization has been achieved by SmartMetric engineers.
   
   
4. SmartMetric operating system that is used to the control the card's internal Cortex processor used to perform the fingerprint scan of the card user. This operating system also controls the card's internal power management system that allows the card to receive a rapid recharge when inserted into a “contact” credit card reader. The SmartMetric OS also allows the card to rapidly harvest RFID/NFC energy from contactless card readers when the card is used for a contactless payment. This energy harvesting only provides enough power for a single fingerprint scan so it is limited in its use and application.
   
   
5. Additional memory attached to the SmartMetric Cortex processor, allowing the card to be used in the future for multi usages beyond just payments. At the moment the company has successfully attached 1GB of memory, however we are able to add many times this inside our card.
   
   
6. In home self-enrollment of the card user’s fingerprint. Since the SmartMetric biometric card solution does not use the cards EMV secure element but rather an independent secure processor for storing and matching the users fingerprint, the new card can be sent via mail to the card user and they are able to enroll their fingerprint much in the same way a person enrolls their fingerprint on a smartphone. This is absolutely critical in markets such as the USA where nearly 80% of new credit cards are sent out via the mail. Imitators of the SmartMetric card use the EMV secure element for storing the card holder’s fingerprint. This of itself creates system design inefficiencies but most importantly since the enrollment of the fingerprint is into the EMV payment system secure element chip, it requires the card holder to go into a bank branch and use a special enrollment device to have their fingerprint stored in the EMV chip. Of course, SmartMetric realized a number of years ago that this would not work in real life and would in fact inhibit the adoption of biometric credit cards. Consequently, SmartMetric spent a huge effort in providing a solution that operates like a smartphone. Simple frictionless self-fingerprint enrollment is an imperative for the design and development of the SmartMetric biometric credit card.
   
   
7. Perfected the method of using standard credit card lamination equipment for the final card lamination and printing process. SmartMetric is able to provide the card as a “pre-lam” product to existing credit card laminators and card personalization providers that provide card services to card issuing Banks.

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.

“Bringing a brand-new type of credit card into existence and that meets the approval and licensing requirements of the credit card industry is no small feat. However, we are excited with the incredible prospects for the company as we move forward with our amazing next generation credit card with its built-in biometric fingerprint security,” said SmartMetric’s President and CEO, Chaya Hendrick.

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 expecting its latest biometric card will be completed manufacturing within the next 4 to 8 weeks. That includes component assembly, card lamination and delivery. Changes to the products componentry has had to be made due to supply chain chip issues. These issues have now been overcome and there is now no impediment to the manufacture of the SmartMetric biometric card product.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo 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/20221202005448/en/

SmartMetric, Inc.

Chaya Hendrick

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

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is SmartMetric's recent press release about?

SmartMetric's recent press release discusses the nearing completion of its biometric credit card equipped with advanced fingerprint technology.

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

Key features include a rechargeable battery, live fingerprint detection, refined circuitry, self-enrollment, and advanced operating systems.

When does SmartMetric expect to complete the manufacturing of its biometric card?

SmartMetric expects to complete manufacturing within 4 to 8 weeks.

How does SmartMetric's biometric card stand out in the market?

SmartMetric claims its card offers unique features and superior technology, setting it apart from competitors in the biometric card space.

What market potential does SmartMetric's biometric card address?

The card targets the multibillion-dollar chip-based credit and debit card market, which is expected to grow significantly.