SmartMetric Update on Its Global Payments Network Compliant Biometric Credit Card Manufacture

Rhea-AI Summary

SmartMetric, Inc. (OTC-PINK: SMME) has announced compliance changes to launch its biometric credit card globally in partnership with a major payments network. The company had to change its EMV chip due to licensing requirements, causing initial supply chain delays but now expects delivery in approximately 10 weeks. SmartMetric's biometric card aims to enter the significant chip-based credit and debit card market, which saw over 10.8 billion EMV cards issued globally by the end of 2020. The company remains optimistic about its innovative product's potential in the financial sector.

Positive

• Compliance changes move SmartMetric closer to launching its biometric credit card.
• Supplier has improved delivery estimate of the new EMV chip to approximately 10 weeks.

Negative

• Initial supply chain delays in acquiring the new EMV chip.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME) is pleased to announce that it has been able to address a compliance change required by the global payments network the company is working with for the worldwide release of its biometric credit card.

(Photo: Business Wire)

There are four large global payments networks with two of these four accounting for the vast majority of global credit card transactions. The payments networks are the interconnect medium that connects credit card readers in stores and gas pumps as well as ATMs. For clarification these payments networks do not issue cards themselves but do have their respective brand names on the credit cards that are issued by banks and card issuing institutions.

All credit cards that operate over the payments networks need to be approved of by the payments network before a bank is able to issue the credit card to its customers.

The two largest credit card payments networks are Visa and MasterCard. Card issuers and card manufacturers must gain permission from the card payments networks prior to a card being manufactured and then issued to the public for the card to operate over either of these companies’ payments networks.

SmartMetric has been working with one of the largest global payments networks in order to have its biometric card meet the network's licensing and functional requirements so that its biometric card can then be used by card issuing banks around the world.

One of the most recent issues that SmartMetric faced was the need to change its EMV chip used in its card. The licensing and approving network required that SmartMetric adopt a different EMV credit card chip for its product approval. The EMV chip is the credit card chip is the square chip found on the top surface of what is called chip credit cards. As an aside, there are more than 10 billion¹ chip cards issued globally.

The required change of our EMV chip created a supply chain issue since the acquisition of a replacement was being quoted for delivery into mid to late 2023. Luckily for SmartMetric, our supplier is now quoting approximately 10 weeks for supply of this critical component for our biometric credit card. Just like other areas of the electronics parts world, credit card payments chips are in huge demand and have long lead times for supply.

While no one is pleased to suffer supply chain delays we are extremely pleased with our supportive chip supplier and are excited with us moving ever closer to the release of our payments network-conforming new biometric credit card, said today SmartMetric’s President and CEO, Chaya Hendrick.

Bringing a brand-new type of credit card into existence 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 built in biometric fingerprint security, said Chaya Hendrick.

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 SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com

SOURCES:

¹ 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/20220824005658/en/

SmartMetric, Inc.

Chaya Hendrick

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

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What compliance changes did SmartMetric announce for SMME?

SmartMetric announced compliance changes required by a global payments network for its biometric credit card, which now meets the network's licensing requirements.

What is the status of SmartMetric's biometric credit card release?

SmartMetric is moving closer to the release of its biometric credit card, with improved delivery estimates for the new EMV chip.

What challenges did SmartMetric face regarding its EMV chip?

SmartMetric faced supply chain delays in acquiring a new EMV chip, but the estimated delivery has improved to about 10 weeks.

How many EMV cards were issued globally by the end of 2020?

By the end of 2020, over 10.8 billion EMV chip cards were issued globally.

What is the stock symbol for SmartMetric?

The stock symbol for SmartMetric is SMME, traded on the OTC-PINK exchange.