SmartMetric, the Leader in Advanced Biometric Fingerprint Activated Credit Cards, Sees Adoption by Banks in 2022 as the Next Big Thing in the Credit Card Industry

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) is poised for significant growth in 2022 with the anticipated adoption of fingerprint-activated biometric credit cards by major banks worldwide. Market research shows 70% of U.S. credit card holders are open to purchasing these cards for $70, driven by enhanced security. With almost 11 billion EMV chip cards globally, just a 1% adoption could result in over 100 million biometric cards issued. SmartMetric has resolved supply chain issues and is collaborating with a leading credit card network for official approval, advancing towards global distribution.

Positive

• 70% of U.S. credit card holders willing to pay $70 for biometric cards.
• Potential issuance of over 100 million biometric cards with 1% global adoption rate.
• Collaboration with a major credit card network to enhance market entry.
• Resolved supply chain issues, enabling timely production and distribution.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): As the leader in fingerprint activated biometric credit cards, the company sees 2022 as the year that major credit card issuing Banks around the world will move forward the adoption of these advanced biometric technology-based cards.

Based on independent market research commissioned by SmartMetric, nearly seventy percent (70%) of existing credit card holders in the USA are willing to pay seventy dollars ($70) for such cards. The consumer research showed that the biggest motivator for consumers to pay for a biometric secured credit card is the sense of added security these cards bring to the credit card user.

There are now nearly 11 billion EMV chip based cards issued and in use globally. A small adoption rate of only one percent (1%) would see more than 100 million fingerprint biometric credit cards to be issued in the future.

SmartMetric is now working with one of the world's largest credit card network brands to have its card officially approved. This will allow the SmartMetric biometric card to be then offered to banks around the world who use this credit and debit card network for card transactions.

SmartMetric has had difficulty like many in the technology manufacturing space regarding component supply. These difficulties have now been overcome and SmartMetric is looking at moving forward in early 2022 with the supply of its next generation biometric card to card issuers globally.

A credit card that has built inside, a fingerprint reader that when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is then matched with your pre-stored fingerprint inside of the card and when a match occurs your card is turned on. Instant secure user validation that goes beyond the use of a PIN in protecting the use of a credit or debit card making a transaction.

What sets the SmartMetric Biometric card solution apart from others is that it is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted in a reader. This allows the card to be used at regular ATM’s and in situations where the card is used in places like a restaurant where the card is taken away from the dining table to be processed.

“When developing the SmartMetric biometric card, we were particularly aware that for its adoption by card issuing Banks and consumers, the card would need to work in all real-life situations by all card reading devices including ATM’s and in restaurants,” said SmartMetric’s President and CEO Chaya Hendrick.

The SmartMetric Biometric Card goes beyond using its sub micro electronics inside the card for identity validation of the card user. It has large memory along with a very fast processor making the card an exciting new technology platform for advanced multi applications performed on the credit or debit card. Ushering in a new dimension of advanced offerings for credit card issuers.

SmartMetric’s Biometric card addresses the multi billion existing chip based financial card market.

Figures published by EMVCo ¹ 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.

In addition, EMVCo reports that 86% of all card-present transactions conducted globally using EMV^® chip technology. This is based on the data that could be obtained from American Express, Discover, JCB, Mastercard, UnionPay and Visa. It should be noted that, globally, 86.1% of transactions are EMV chip.

SmartMetric foresaw the global adoption of credit and debit cards with chips. It embarked on developing a biometric fingerprint scanner small enough to fit inside a credit card over a decade ago. “Reducing the electronics to miniature scale of less than 0.3mm allowing it to fit inside a credit card that meets ISO standards for such cards has been a long process but one we are glad we set out to achieve,” said today SmartMetric’s President and CEO, Chaya Hendrick.

The SmartMetric in-the-card fingerprint scanner allows for the card's chip to only work following a successful scan and match of the card user's fingerprint. Unlike other biometric cards, the SmartMetric card does not need the card user to go into a bank branch to have their fingerprint stored on their new biometric card. Instead, the SmartMetric Biometric Card allows the card user to enroll their fingerprint when they first receive it at home as simply as it is when enrolling your fingerprint on a smartphone.

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 the consumers as they normally do without the need for consumers to come into a bank branch to activate their new biometric card.

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 SmartMetric.

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

¹ Data Source: 10 Billion and Counting: What the Latest EMV^® Chip Data Means for Global Payments - EMVCo

EMV is a registered trademark of EMVCo

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/20211215006015/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is SmartMetric, Inc. (SMME) planning for 2022?

SmartMetric, Inc. anticipates major adoption of its biometric credit cards by banks in 2022.

How much do biometric credit cards cost according to SmartMetric's research?

SmartMetric's research indicates that 70% of U.S. credit card holders are willing to pay $70 for biometric credit cards.

What is the potential market size for SmartMetric's biometric cards?

With nearly 11 billion EMV chip cards globally, a 1% adoption rate could result in over 100 million biometric credit cards issued.

What challenges has SmartMetric overcome recently?

SmartMetric has resolved supply chain issues that previously affected its technology manufacturing.

What type of technology does SmartMetric's biometric card use?

SmartMetric's biometric card features an internal fingerprint scanner for secure user validation.