The SmartMetric Biometric Credit Cards are the Next Big Thing for the Banking Industry

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) announces independent consumer research revealing that 80% of U.S. cardholders are concerned about credit card and identity theft, with 67% willing to pay for biometric cards. Research aligns with Visa's findings, indicating over 65% consumer familiarity with biometrics. The SmartMetric biometric card utilizes a built-in fingerprint scanner, enhancing security by validating users through their fingerprints instead of PINs. The technology enables seamless transactions in under a second, aiming to address the multi-billion dollar chip card market.

Positive

• 80% of U.S. cardholders are concerned about credit card theft, indicating a strong market for biometric security solutions.
• 67% of consumers are willing to pay for biometric cards, reflecting potential demand for SmartMetric's products.
• SmartMetric's biometric card technology offers enhanced security by eliminating the need for PINs and signatures.
• The technology enables transactions in under a second, providing a fast and efficient payment experience.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME) According to independent consumer research contracted by SmartMetric, 80% of U.S. cardholders are seriously concerned about credit card and identity theft, and 67% say they wouldn’t mind paying for biometric cards.

Research by Visa is in line with SmartMetric’s research.

• More than 65% of consumers are already familiar with biometrics
• 86% are interested in using biometrics to verify identities or make payments
• 70% believe that biometrics are easier than using passwords or PINs

The SmartMetric biometric card solution for Banks provides a huge leap forward in credit card security moving security away from PINs and signatures to the vastly stronger biometric fingerprint of the card user.

Built inside the SmartMetric biometric card is a fully functional fingerprint scanner. The scanner along with the powerful internal ARM Cortex processor stores the card holders’ fingerprint inside the card. At no time does the persons fingerprint ever leave the card and it doesn’t require the Bank to hold the card holders’ fingerprint.

Embedding the card holders’ fingerprint into their biometric credit card is as easy as storing your fingerprint on your mobile phone. When the card user receives their card from their Bank they simply touch the square sensor on the cards surface four times and thereafter the users fingerprint is permanently stored inside the card. From now on the card will only work in conjunction with the card holder touching the cards little square sensor on the top of the card.

“It was important for us to ensure that our card was absolutely frictionless for the card user in that it didn’t add time to but in fact speeded up the card payment experience at the checkout or ATM. Our biometric card allows for the doing away of PINs altogether. The fingerprint scan is done in less than a quarter of a second thereby turning on the card and authenticating the user in less time it takes to reach across to the payment terminal or to insert into an ATM. Instant, seamless and secure are the hallmarks of our biometric card solution,” said SmartMetric’s President and CEO, Chaya Hendrick.

According to industry data there are now more than 11 Billion chip-based payment cards issued globally. The SmartMetric biometric card solution uses its miniature fingerprint scanner inside the card to identify and validate the card user and in under a second following a fingerprint match the card is then “turned on”. Enabling it to perform a credit card transaction.

SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United Stated. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company. SmartMetric has various patents pending and has five significant strategic issued patents.

Having spent years of research and development, SmartMetric has created what is considered to be one of the most advanced and leading-edge next generation product in the credit card industry.

SmartMetric’s Biometric card addresses the multi billion existing chip based credit card market.

Figures published by EMVCo ¹ 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.

The SmartMetric in-the-card fingerprint scanner allows for the cards chip to only work following a successful scan and match of the card users fingerprint. Unlike other biometric cards, the SmartMetric card does not need the card user to go into a bank branch to have their fingerprint stored on their new biometric card. Uniquely, the SmartMetric Biometric Card allows the card user to enroll their fingerprint when they first receive it at home as simply as it is when enrolling your fingerprint on a smartphone.

“Touch and store technology developed by SmartMetric for its biometric card allows mass card issuing financial institutions to issue their cards direct to the consumers as they normally do, without the need for consumers to come into a bank branch to activate their new biometric card. No specialized fingerprint readers or storing of the fingerprint on an online system is needed with the SmartMetric solution. Everything is done on and inside the card itself,” said Chaya Hendrick.

SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe and United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.

SmartMetric has issued patents and patents pending surrounding its biometric card technology.

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 Data Source: 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/20220106005760/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What are the key findings of the SmartMetric consumer research on biometric cards?

The research shows that 80% of U.S. cardholders are concerned about credit card theft, with 67% willing to pay for biometric cards.

How does SmartMetric's biometric card enhance security?

The SmartMetric biometric card uses a built-in fingerprint scanner to validate users, eliminating the need for PINs.

What is the market potential for SmartMetric's biometric card technology?

The technology targets the multi-billion dollar chip card market, addressing security concerns among consumers.

How quickly can the SmartMetric biometric card authenticate a user?

The biometric card can authenticate a user in under one second, facilitating seamless transactions.