SmartMetric the Maker of Biometric Cards Sees the Reported Forecast of $5.765 Trillion in Global Biometric Payments by 2026 as Supporting Massive Growth for Biometric Credit Cards

Rhea-AI Summary

SmartMetric, Inc. (OTC-PINK: SMME) highlighted a report by Goode Intelligence, predicting annual biometric payment transactions will reach $5.765 trillion by 2026. The COVID-19 pandemic has intensified demand for contactless payment solutions, although the company faced delays due to component shortages. SmartMetric's manufacturing capacity is now over 1 million biometric cards per month. Their biometric cards aim to enhance security in contactless transactions by using fingerprint biometrics, addressing significant theft risks associated with traditional cards.

Positive

• Projected growth in biometric payments to $5.765 trillion by 2026.
• Increased monthly manufacturing capacity exceeding 1 million biometric cards.
• Enhanced security with biometric cards reducing theft risks.

Negative

• Delays in production due to component shortages.
• Market impact from approximately three years of manufacturing disruptions.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): Goode Intelligence research reveals that global biometric payments to the value of $5.765 trillion will be made annually by 2026.¹ The research report goes on to say “biometrics is now a must-have technology to secure payments across all payment channels.”

Contactless payments have dramatically increased because of the pandemic while biometric cards make contactless payments even safer. (Photo: Business Wire)

“Nowhere more will biometrics technology be seen to positively impact, is in the area of credit and debit cards,” said today, SmartMetric’s President and CEO, Chaya Hendrick.

The Covid-19 pandemic has brought around serious reservations about using shared PIN-PADs and POS devices in physical locations which has resulted in an acceleration of biometric payment cards even more attractive to consumers.

“The Pandemic has been a double-edged sword for us at SmartMetric. It has pushed forward the consumer demand for minimum to no contact at the checkout while using their credit or debit card, while causing significant delays because of component supply shortages and manufacturing shut downs,” said Chaya Hendrick. “We have seen an almost 3-year impact on our biometric card business but we have now turned the corner in our card manufacturing,” said SmartMetric’s President. SmartMetric’s current manufacturing capacity is more than 1 million biometric cards a month.

The impact on touchless contactless payments is obvious. With a biometric contactless card the card user is affirmatively 100 percent identified by their fingerprint biometrics. A non-biometric contactless credit or debit card is inherently insecure. Reports and cases of card data theft from RFID data stealing from the card has made banks restrict the dollar amount per card transaction in order to mitigate the contactless card risk. With a biometric activated card like that made by SmartMetric, the risk of contactless cards for banks is greatly reduced as the card can only work following an on-card biometric fingerprint match.

The SmartMetric biometric credit/debit card has engineered into the card three power sources. A miniature hybrid solid state battery, a power feed from contact readers when the card is inserted into a contact store reader or a regular ATM and the contactless energy harvesting from contactless card readers.

The SmartMetric card uses an almost paper-thin hybrid solid state battery connected to an advanced rapid charge power management system inside the card that allows the card to scan and match a person’s fingerprint biometrics before the card is inserted inside an instore card reader, ATM or Gas Pump reader. Making it the first and only biometric card solution that will work across all of these credit/debit card reading devices, in the world.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo ² 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 SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com

SOURCES:

¹ Goode Intelligence’s (www.goodeintelligence.com) latest research, Biometrics for Payments; Market and Technology Analysis, Adoption Strategies and Forecasts 2021-2026 – 3rd Edition

² 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/20220714005713/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 the projected value of global biometric payments by 2026?

Global biometric payments are expected to reach $5.765 trillion annually by 2026.

How has the COVID-19 pandemic affected SmartMetric's business?

The pandemic increased demand for contactless payments but caused significant delays in production due to component shortages.

What is SmartMetric's current manufacturing capacity for biometric cards?

SmartMetric's manufacturing capacity is currently over 1 million biometric cards per month.

How do SmartMetric's biometric cards improve security?

The biometric cards use fingerprint biometrics to ensure secure transactions, significantly reducing theft risks.