NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTC: SMME), in addressing the projected $5.8 Billion estimated market for biometric cards, is pleased to announce the manufacture of its advanced GEN4 biometric fingerprint activated credit and debit card.
Embedded inside the card is the SmartMetric miniature fully functional fingerprint scanner that scans the cardholder’s fingerprint in less than a half a second. The card user simply touches the sensor on the card’s surface that immediately senses whether the fingerprint is from a live person and performs an instantaneous scan of the fingerprint and match of the user’s pre-stored fingerprint encoded and encrypted inside the card’s memory.
Unlike others, the SmartMetric fingerprint activated biometric credit card is self powered allowing the card to operate a scan and match prior to being inserted in a card reader. This makes the card usable at all card readers including ones that swallow the card.
“Our card is designed to work with all existing card readers including ATMs while also being as easy as the experience with a mobile phone in the first time storing the user’s fingerprint inside the card. No special fingerprint storage readers at banks or other methods. Simply touch the card’s sensor 4 times and the fingerprint is permanently stored inside the card. The SmartMetric biometric card is an in-home, easy-to-store and activate card,” said SmartMetric’s President and CEO, Chaya Hendrick.
Taking credit card security beyond the risky and unsafe four digit PIN code, the SmartMetric GEN4 biometric card uses the card owner’s fingerprint to turn on the card after a secure on-card fingerprint match and live person detection.
“SmartMetric is excited about having reached this major milestone in bringing its advanced biometric credit card to fruition after years of research and development,” said Chaya Hendrick.
The global biometric payment cards market size was valued at USD 74.4 million in 2021.
It is projected to reach USD 5.8 Billion by 2030, growing at a CAGR of 62.50% during the forecast period (2022–2030). 1.
“Implementing new advances into its biometric fingerprint scanner built inside the credit card such as live fingerprint detection has taken a lot longer than we would have hoped but we are glad to have finally reached this stage after such a long and lengthy development process,” said SmartMetric’s President and CEO Chaya Hendrick.
The SmartMetric biometric fingerprint scanning credit card is unique in the world in that it is the first and only such card that has an inbuilt rechargeable battery allowing the card to be used at any type of credit card reader including contactless and ATM readers.
“Our amazing fingerprint activated biometric credit card is years ahead of anyone else and provides a quantum leap in credit card anti-fraud protection for banks and consumers alike,” said Chaya Hendrick.
This technology is designed to enhance the security and convenience of credit card transactions, especially for contactless payments as well as standard contact in-store payments and ATM transactions.
The SmartMetric finger scan card is light years ahead and brings the reality of full biometric security technology to the ubiquitous credit and debit card global market.
Credit cards still dominate the way consumers make payments. Non-credit card payments such as phones account for less than 5% of payment transactions while the majority of transactions are done using either a credit or debit card.
According to a report published by Forbes Adviser on March 9, 2023, “Over the past year, nearly half the population (47.5%) opened at least one new account, bringing the total number of accounts to over 518 million by the end of 2022.” 2.
1 Biometric Payment Cards Market Trends, Share, Size, Growth, Forecast 2030 (straitsresearch.com)
2 Credit Card Statistics And Trends 2024 – Forbes Advisor
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