The SmartMetric Biometric Card Addresses the Over 11 Billion Credit Cards and Debit Cards Global Market

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) is set to revolutionize credit and debit cards with its biometric technology, leveraging the fact that over 11 billion cards are in circulation globally. Independent research indicates that 70% of credit card holders are willing to switch to a biometric card, with potential pricing between $70 and $99. SmartMetric plans to sell these cards to banks for $50, enhancing customer acquisition and reducing fraud losses. The new card features an advanced fingerprint recognition algorithm, hybrid energy storage, and anti-fraud security. Patented technology will protect against counterfeiting as the product launches this April 2023.

Positive

• 70% of credit card holders willing to switch to biometric cards.
• Projected selling price to banks is $50, potentially offering a competitive edge.
• Biometric card could reduce customer acquisition costs for banks, averaging $120 currently.
• Advanced technology with a faster fingerprint recognition algorithm and hybrid energy storage.
• Patented design offers protection against copycats.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) – over 11 billion credit and debit cards are in circulation globally. Upgrading the world of credit cards and debit cards with the SmartMetric biometric “in-the-card” technology provides a massive sales adoption opportunity for SmartMetric.

Independent research has shown that up 70% of existing credit card holders are willing to switch to a safer and more secure “biometric” credit card that has fingerprint scanning biometric technology inside. The same research showed these credit card users in the research survey said they are willing to pay $70.00 for a biometric credit card.

“The truth is, we didn’t ask what is the upper price consumers are willing to pay for our biometric card when available from their card issuing bank, but we believe the consumers would pay $99.00 just as easily as they would pay $70.00 for our card,” said the President & CEO of SmartMetric, Chaya Hendrick.

SmartMetric plans on selling its card to card issuing banks for $50.00 a card. “In our talks with banks we have found some banks considering providing the biometric card free to their customers,” said Chaya Hendrick. Some banks recognize the ability of a next gen credit card product to attract new card customers. The marketing benefits alone to a card issuing bank with the known demand for such a card would in effect reduce the cost of new card customer acquisition which is currently averaging over $120 per new card customer in the United States. So a card issuer stands to attract a lot of new credit card customers and because of the existing demonstrated demand for a biometric card, these card issuers will have a much lower cost of new card customers for the biometric card.

This is not to mention the considerable fraud loss mitigation benefit to the card issuing bank from having their customers use a biometric fingerprint secured card.

We created a biometric credit card some time ago in the pre-pandemic world. After discussions with the largest global credit card network, we made changes to our biometric card said Chaya Hendrick. The advances and changes we have made to our card have taken a lot of engineering time from our team of research and development engineers.

The company had reduced by half the fingerprint recognition algorithm size, used to perform the scan and match function inside the card.

A faster and encrypted secured processor has been optimized that is used to perform card biometric functions. The card holder's fingerprint along with the embedded fingerprint recognition algorithm are stored behind an encryption wall in the company’s optimized processor.

Another major advance that has taken a great deal of engineering time and effort is the super small miniature “in-side-the-card” power storage and power management system. The current version uses hybrid energy storage along with a highly intelligent nano power management system.

“Other advanced features relate to the card's anti-fraud security which the company is keeping to itself for security reasons. One such feature is using a hardware solution to identify if the card user is a live person or a fake finger,” said Chaya Hendrick.

The advanced and new biometric credit card is scheduled to come out of the SmartMetric contract electronics assembly factory mid this month (April – 2023).

Following embedding of our new operating and fingerprint recognition software we will then have the card printed in accordance with our card issuing partners.

“Our card is in our opinion the most advanced biometric credit card to be made. It is also protected by issued patents in the USA that will allow us to file injunctions against copycats who want to copy what we have spent years developing,” said Chaya Hendrick.

According to figures released by the credit card standards body EMVco more than 11 billion EMV Chip cards have now been issued by financial institutions around the world. The SmartMetric biometric technology works with existing EMV chips and existing chip card readers and ATMs.

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.

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/20230405005661/en/

SmartMetric, Inc.

Head Office

702.990.3687 or 305.607.3910 (Pacific Standard Time)

ceo@smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is SmartMetric's new biometric card technology?

SmartMetric's biometric card features fingerprint scanning technology embedded within the card, enhancing security and user identification.

When is the SmartMetric biometric card expected to launch?

The SmartMetric biometric card is scheduled to launch mid-April 2023.

What is the expected price point for the SmartMetric biometric card?

SmartMetric plans to sell its biometric cards to banks for approximately $50.

How many credit and debit cards are in circulation globally?

There are over 11 billion credit and debit cards in circulation worldwide.

What market research supports the demand for SmartMetric's biometric card?

Independent research indicates that 70% of credit card holders are willing to switch to a biometric card.