NEW YORK–(BUSINESS WIRE)–#americanexpress–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.
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