SmartMetric Welcomes The Announced End Of The Credit Card Mag Stripe With It Being Replaced By Fingerprint Biometric Cards

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) announces that Spain will be the first European country to adopt fingerprint-activated biometric credit and debit cards, eliminating magnetic stripes. This shift aims to enhance security, as magnetic stripes are susceptible to fraud. The company has developed advanced biometric cards featuring live fingerprint detection and a green hybrid rechargeable battery. SmartMetric's card is compatible with existing credit card readers and ATMs, making it versatile for users globally.

The biometric card market exceeds 11 billion cards worldwide, highlighting significant growth potential for SmartMetric. The technology also ensures users' fingerprints remain secure, processing matches on the card itself. The company is well-positioned to benefit from this transformative move in the banking sector.

Positive

• Spain adopts biometric-only credit cards, enhancing security.
• SmartMetric's cards feature advanced technology with live fingerprint detection.
• Strong market potential with over 11 billion biometric cards issued globally.
• SmartMetric's card is compatible with existing ATM and POS systems.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) – It is reported that Spain is the first European country that has officially announced the adoption of fingerprint activated biometric credit and debit cards that will not have a mag stripe.

Because of the inherit risk of mag stripes that are easily read and copied, Spain is being reported that card issuing banks will stop using magnetic stripes on their cards and replacing existing credit cards with fingerprint biometrics only cards.

“We have been waiting a long time for this to happen and we are delighted that the banking world is now moving to adopt biometric only credit cards," said SmartMetric’s President & CEO, Chaya Hendrick.

SmartMetric is well positioned to capitalize on this revolutionary change in the banking credit card industry. Having just announced the assembly of its new biometric card that incorporates the company's latest advancements such as hardware based live fingerprint detection on the card as well as an advanced green hybrid nano rechargeable battery inside the card.

SmartMetric has developed the most advanced fingerprint activated biometric credit card in the world and is well positioned to capitalize on what is more than an 11 billion cards global market.

SmartMetric has literally spent years in research and development to miniaturize the electronics of biometric fingerprint capture, similar to that used in smartphones, to the thickness of less than a quarter thickness of a standard credit card.

The SmartMetric biometric fingerprint activated card is compatible with all existing credit card readers and ATM’s. Since it has its own internal green hybrid green nano battery it works with readers that take into the reader the card such as at ATMs and most new chip card reading gas pumps.

According to figures released by the credit card industry standards body more than 11 billion chip cards have now been issued by financial institutions around the world. The SmartMetric biometric fingerprint inside the card technology works with chip cards.

ABOUT THE SMARTMETRIC BIOMETRIC CARD: Keeping your biometric identity safe is at the center of the design of the SmartMetric biometric card. At no time does a card holder's fingerprint leave the card. A person’s fingerprint is stored inside the card and matching of the person's fingerprint is done on the card itself. This was a central design requirement of the SmartMetric biometric card solution that necessitated SmartMetric to create a self-powered inside the card, fully functional fingerprint scanner. Also, so that the card could be used at ATMs and POS (Point Of Sale) card readers the SmartMetric development team created an on card miniature power management system that recharges the card as it is being used in card readers.

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

To view the company website: www.smartmetric.com

Spain moves to adopt biometric only credit cards: This Is The Change That Will Be Announced By Our Credit Card Banks (worldnationnews.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/20230421005114/en/

SmartMetric, Inc.

Head Office

702.990.3687 or 305.607.3910 (Pacific Daylight Time)

ceo@smartmetric.com

Source: SmartMetric, Inc.

FAQ

What recent development involves SmartMetric (SMME) in Spain?

Spain has officially adopted fingerprint-activated biometric credit and debit cards, marking a significant shift in the banking industry.

How does SmartMetric's biometric card differ from traditional cards?

SmartMetric's card eliminates the magnetic stripe, utilizing fingerprint activation for enhanced security.

What is the market potential for biometric cards according to SmartMetric?

SmartMetric indicates there is a market potential exceeding 11 billion cards globally.

What technology is integrated into SmartMetric's biometric credit card?

The card incorporates live fingerprint detection and a hybrid rechargeable battery for functionality.