SmartMetric Sees the Adoption of European Union Banking Directive to Usher in the Rapid Adoption of On-Card Biometric Authentication for Credit and Debit Cards

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) announced that the EU PSD2 directive mandates two-factor authentication for card transactions effective March 14, 2022, enhancing consumer protection. The company's president, Chaya Hendrick, expressed optimism that this requirement will boost the demand for its biometric credit cards in Europe.

SmartMetric is advancing its biometric technology to differentiate live fingers from fake ones, driven by demands from a major payment network. The SmartMetric card utilizes fingerprint scanning to secure transactions, aiming to meet the growing need for secure card solutions.

Positive

• The EU PSD2 directive will enhance consumer protection and potentially increase demand for SmartMetric's biometric credit cards.
• The company's advanced biometric technology could provide a competitive edge in the security of credit card transactions.

Negative

• None.

SmartMetric, Inc. (OTCQB: SMME): The European Union PSD2 banking directive will force banks to adopt two (2) factor authentication for credit and debit card transactions. The EU, PSD2 directive is designed to afford greater protection for consumers using their credit and debit cards online and offline. It comes into effect as of March 14, 2022.

SmartMetric is excited about the adoption of two (2) factor authentication for consumer protection. “We see that the adoption of authentication beyond the PIN will catapult the adoption of our biometric safer credit card across Europe in our opinion,” said today SmartMetric's President and CEO, Chaya Hendrick.

SmartMetric is continuing the incorporation of its newly invented method for detecting between a live finger and a fake finger when using the SmartMetric biometric credit and debit card. This development was spurred by the requirement of one of the largest payments networks for biometric cards.

This global network recently released its biometric card testing protocols and requirements which amongst other things strongly stipulated that biometric cards must be able to withstand a fingerprint spoofing attack. The biometric card industry has relied on software to differentiate between live and fake fingerprints. SmartMetric tested what was used generally in the industry and found that it did not meet the testing applied by its engineers. SmartMetric saw that it needed to create a solution that was far more advanced than that being used by the biometric industry.

There are now 10 billion chip-based credit and debit cards issued throughout the world. The SmartMetric biometric in-the-card technology is used to activate the chip cards' contact and contactless chips following an instant fingerprint scan on the card.

SmartMetric is the inventor and manufacturer of electronics that fit inside credit and debit cards making what is arguably the world's leading credit and debit card fingerprint biometric platform for the credit card industry.

The SmartMetric fingerprint scanning technology inside the card allows the user to secure their credit card using their own fingerprint. It also allows payments networks to be confident that the person making the transaction is indeed the person to whom the card has been issued.

Fingerprint biometric secured credit and debit cards by SmartMetric have been designed around the chip that has now become the standard on newly issued cards within the credit and debit card industry. Touching a small sensor on the card's surface causes a fingerprint scan that reads and matches the card users’ fingerprint in less than a second. Following a fingerprint match the card's surface chip is then activated allowing the card to work in a card reader at a point-of-sale terminal or ATM.

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 consumers without the need for consumers to come into a bank branch. This is an important feature of the SmartMetric biometric card since most new card issuance particularly in the USA is done via the mail.

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.

To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. 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.

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FAQ

What is the significance of the EU PSD2 directive for SmartMetric (SMME)?

The EU PSD2 directive mandates two-factor authentication for card transactions, which could increase demand for SmartMetric's biometric cards.

When does the EU PSD2 directive come into effect?

The EU PSD2 directive comes into effect on March 14, 2022.

How does SmartMetric's technology enhance security in credit cards?

SmartMetric's technology differentiates between live and fake fingerprints, enhancing the security of credit and debit card transactions.

What advancements is SmartMetric making in biometric technology?

SmartMetric is developing methods to detect live fingers from fakes in response to requirements from major payment networks.