SmartMetric, the Maker of Fingerprint-Activated Biometric Credit Cards, Announces Its Fourth-Generation Card to Be Shipped and Available for Presentation to Card Networks and Banks

Rhea-AI Summary

SmartMetric, Inc. is nearing completion of its fourth-generation biometric credit card, which will be launched in the United States. The company faced delays due to supply chain issues and feedback from the credit card industry. The card uses the cardholder's fingerprint for activation and offers enhanced security. Market research shows a high demand for biometric credit cards, with 70% of users willing to pay $70 for such a card. The number of credit card accounts in the US is at an all-time high of 564.5 million.

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• SmartMetric is close to completing its fourth-generation biometric credit card, which will be launched in the US market. The card uses the cardholder's fingerprint for activation, providing enhanced security. Market research indicates a high demand for biometric credit cards, with 70% of users willing to pay $70 for such a card. The current number of credit card accounts in the US is 564.5 million, an all-time high.

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NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) is pleased to announce that its fourth-generation card is nearing completion that will allow the company to start its sales and marketing in the United States.

Having developed earlier versions of its fingerprint-activated biometric credit card, the company had to make changes based on requests from within the credit card industry along with component changes that came about from the supply issues during the pandemic.

“Changes to the electronics brought about component supply issues along with adding additional features inline with feedback from the credit card issuing industry caused us to suffer substantial delays in bringing our final and what is our fourth-generation card to market,” said SmartMetric’s President and CEO, Chaya Hendrick.

“Our electronic assembly is done in China which left us suffering from constant factory closures during the past couple of years. Our engineering design and software development is done between our engineers in the USA and Tel Aviv, Israel. With the core of our operating system development done in Israel,” said Chaya Hendrick.

“Our main engineering team is based in Tel Aviv, Israel, and we chose not to have our operating system and key functional software for our card transferred to the electronics assembler in China but rather retain control and security over our software by having it kept in the hands of our Israel-based engineering team. The current situation in Israel has been very difficult for our engineers who some have been called up while others having to deal with family members who have been called up and sent away from their homes. This has caused a disruption to our final process of installing our system software into our product. Nonetheless under extreme circumstances we are moving forward and expect to have our most advanced biometric credit card completed for presentation to the credit card issuing industry in short order,” said the President and CEO of SmartMetric.

The SmartMetric biometric fingerprint-activated credit card is the most advanced biometric credit card created that uses the card holder's own fingerprint that is stored inside the card to turn the card on as it is inserted into or tapped over a regular credit card reader or ATM.

At all times the card is used whether at a retail store, gas pump or ATM, the card's contact chip and contactless RFID/NFC chip is only activated following a fingerprint match with the user's pre-stored fingerprint stored inside the card.

“SmartMetric has made prior versions of its biometric card however it has made advances in its functioning and capabilities based on what the main players in the credit card industry wanted,” said Chaya Hendrick.

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.

Market research has shown that 70% of current credit card users are willing to pay $70.00 for a biometric secured credit card. This is a low pricing limit with higher pricing for the card from banks to consumers very possible. The same research showed that nearly 70% of the existing 100s of millions of credit card users would prefer to use a biometric credit card for the added sense of security that a biometric card brings.

According to an article published by Finder.com¹ 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.

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 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/20231025173219/en/

SmartMetric, Inc.

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 working on?

SmartMetric is nearing completion of its fourth-generation biometric credit card.

What is the unique feature of SmartMetric's biometric credit card?

The card uses the cardholder's fingerprint for activation, ensuring enhanced security.

What is the demand for biometric credit cards?

Market research shows that 70% of credit card users are willing to pay $70 for a biometric secured credit card.

How many credit card accounts are there in the US?

There are currently 564.5 million credit card accounts in the United States, an all-time high.