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Why the SmartMetric Biometric Technology Is the Ultimate Identity Validation for Credit Cards and Why Other Biometric Card Designs Fail
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SmartMetric, Inc. (OTC-PINK: SMME) announces the development of an advanced biometric card solution for the credit card industry, honed over nearly two decades. This innovative card features its proprietary internal rechargeable energy technology, enabling it to function across all credit card readers. The biometric card scans the user's fingerprint before insertion, enhancing security beyond traditional PINs. Despite pandemic-related supply chain delays, SmartMetric aims to launch the latest iteration soon, addressing the growing chip-based card market, which saw 10.8 billion EMV cards in circulation by 2020.
Positive
Development of advanced biometric card technology for the credit card industry.
Unique internal power system allowing use across all credit card readers.
Card scans fingerprint before insertion, enhancing security over traditional PINs.
Addressing a multibillion-dollar existing chip-based credit and debit card market.
Negative
Supply chain and manufacturing delays due to the pandemic.
NEW YORK--(BUSINESS WIRE)--
SmartMetric, Inc. (OTCQB: SMME): Years of research and development have gone into the design and creation of what SmartMetric considers the most advanced biometric card solution for the credit card industry ever developed.
The use anywhere biometric protected credit / debit card by SmartMetric (Photo: Business Wire)
Having spent nearly two decades on research and development with almost half of this time taken in perfecting an internal rechargeable energy technology, the SmartMetric biometric card is the only card specifically designed to work across all credit card readers. This is because of the advanced internal power system that allows the SmartMetric card to scan and match the user's fingerprint prior to the card being inserted into a card reader. You may well ask why is this important for the real-world use and adoption of biometric credit cards? Simply put, from ATMs (Automatic Teller Machines) to now in the USA, gas pump chip credit and debit card readers invariably “swallow” the card in the card reading process. So why is this important in respect of powering a biometric fingerprint scan by the card? Some companies that have designed alternative biometric cards to that of the SmartMetric biometric card, have not spent the extraordinary time in research and development that SmartMetric has. As a result, they do not have an independent stand-alone internal power system inside their cards but rather rely on power from the card reader to power their fingerprint scanning function. So here in lies the inherent weakness and designed to fail of these companies’ biometric cards that rushed to copy the SmartMetric biometric credit card. They will not work with all ATMs and gas pumps across the United States. These alternative biometric cards need to be held inside the reader with the card user holding their finger on a surface sensor on the card while these non-self-powered cards draw power from the card reader to perform the biometric scan and match function.
“What we have created is the most advanced and superior biometric card technology that was designed for the real world card user, providing the ultimate security for the card users' card and absolute identity validation for the card users' bank, far beyond the simplistic and security weak four digit Personal Identification Number (PIN),” said SmartMetric’s President and CEO, Chaya Hendrick.
Chaya Hendrick further said, “We know of no USA card issuing bank that would withstand the customer push back if they even attempted to issue a biometric credit or debit card that could not be used at most ATMs or gas pumps.” The decades of research and development into a super thin, powerful miniature power storage and power management system by SmartMetric has without question made the SmartMetric biometric credit and debit card solution the most advanced biometric card in the world.
The SmartMetric card uses an almost paper-thin hybrid solid state battery connected to an advanced rapid charge power management system inside the card that allows the card to scan and match a person's fingerprint biometrics before the card is inserted inside the ATM or gas pump reader, making it the first and only biometric card solution that will work in these devices in the world.
“We could have ignored creating the internal power storage and power management system for the sake of expediency,” said Chaya Hendrick. “If we had done so, we could have easily released a biometric card many years earlier that was power dependent on the card reader and that would only work in card readers that didn’t 'swallow' the card. SmartMetric took the now correct decision to continue its research and development and create what is now the most advanced internal stand alone power system inside the biometric card that now allows the card to be used across all credit and debit card reading types.”
When the card user approaches the card reader, in a store, a gas pump or an ATM, they simply touch a sensor on the card's surface which automatically and in less than a quarter of a second scans, matches and then turns on the card, all in the time it takes for the card user to reach across to insert the card into the credit or debit card reader. Of course, if the user’s fingerprint doesn’t match the pre-stored fingerprint inside of the card, then the credit or debit chip card will not work, thereby providing the ultimate in credit and debit card security using the person's biometrics as the user validator and identifier for transactions, light years ahead of the much weaker old PIN used today.
SmartMetric is excited about its leading technology and is in the process of bringing its biometric card to the market.
The company has experienced supply chain and manufacturing delays of its latest iteration of its biometric card due to the pandemic and its lockdowns. However, the company is looking forward to release of its new card with its most advanced hybrid solid state battery in the coming weeks. It will then be presented to credit card networks for testing and approval.
SmartMetric has also developed advanced energy harvesting technology that takes the energy emitting from contactless card readers to power its biometric functions as secondary power source. More details on this will be disclosed in future media releases.
The SmartMetric hybrid solid state battery is recharged when the card is inserted into a standard credit card reader, thereby creating a never ending power and recharge circle as the card is being used. The card's internal battery can stay on standby with absolutely minimal power degradation. The lifetime of the card is more than 5 years, long after the standard use time of general plastic only credit and debit cards.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit 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.
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.
SmartMetric, Inc. has developed an advanced biometric card solution that enhances credit card security by scanning the user's fingerprint before card insertion.
What advantages does the SmartMetric biometric card offer?
The SmartMetric biometric card features a proprietary internal rechargeable energy system, allowing it to work with all credit card readers and providing enhanced security over traditional PINs.
How many EMV cards were in circulation by 2020?
By the end of 2020, there were 10.8 billion EMV cards issued and in circulation globally.
What caused delays in the launch of SmartMetric's biometric card?
The company experienced supply chain and manufacturing delays attributed to the pandemic and its lockdowns.
What market does SmartMetric address with its biometric card?
SmartMetric's biometric card targets the multibillion-dollar chip-based credit and debit card market.
