NEW YORK–(BUSINESS WIRE)–#americanexpress–SmartMetric, Inc. (OTCQB: SMME): To combat the ever-escalating fight against credit card fraud, SmartMetric has embarked on the development of a safer and more secure credit card that has integrated real-time instant biometric recognition of user’s fingerprints.
The credit card’s surface-mounted chip can only work after an exact match of the card user’s fingerprint that has been pre-stored inside the credit card. This means that the card’s transaction chip is unable to function and complete a transaction if there is no biometric fingerprint match with the card user.
This takes credit card security to the next level beyond the less secure PIN code used on credit and debit cards today. The use of in-card biometric technology represents a giant leap forward in credit and debit card security.
“SmartMetric is working to have its biometric card approved for use on a major global payment network which, once testing and approval is complete, will allow card-issuing banks and financial institutions around the world to adopt and using revolutionary card technology developed by SmartMetric,” said SmartMetric President and CEO Chaya Hendrick.
The biometric technology developed by SmartMetric required more than a decade of R&D. This advanced biometric technology was designed and developed in-house by SmartMetric. “One of our biggest challenges was reducing the thickness of the electronic components to be about a quarter of the thickness of a standard credit card. Giving existing credit card manufacturers the ability to use standard credit card manufacturing machines to make, laminate and print new credit cards with the electronics inside,” said Chaya Hendrick.
What sets the SmartMetric biometric card solution apart from the one or two biometric card companies trying to imitate the SmartMetric biometric credit card is that the SmartMetric card is designed with its own internal power source. This allows the card to function and perform fingerprint scanning before the card is inserted into a reader. Allowing the Card to be used in regular ATMs and in situations where the Card is used in places such as a restaurant where the Card is removed from the dining table to be processed.
Chaya Hendrick said we could have brought to market a biometric card years ago that had no internal power source and drew its power for reading and matching fingerprints from the power of the reader Map. This would have meant that the card would have had to be held in a card reader to perform the fingerprint scan. This would render the card unusable at most ATMs, as they would “swallow” the card, preventing the cardholder from holding their finger to the fingerprint sensor. Also, in most restaurants around the world, the card is taken from the table to the payment station to be processed. Instead of the user sitting comfortably at the table waiting for the card to be swiped through the card machine, if the card relied on the power of the card reader to operate, the customer would have to get up from their table and go to where the card is being processed in the restaurant and hold the card while it is inserted into the restaurant reader.
With the SmartMetric power inside the card solution, the user simply touches the card’s fingerprint sensor on the surface of the card, hands the card to the waiter or waitress who then takes it to the card processing station to complete the credit card transaction. When activated by the cardholder at their table, the card stays on and can run for up to 10 minutes, allowing plenty of time for the card to be processed by the restaurant. The same goes for a user at an ATM. By touching the card sensor before inserting it into the ATM, the card is instantly activated and can work in any standard ATM.
The internal power source inside the SmartMetric biometric card is connected to an internal power management system that draws power from the card reader when inserted inside the reader, which recharges quickly charging inside the card. The development of the power management system as well as its fast charging capability took many years of R&D according to SmartMetric. The advanced SmartMetric miniature feed system is at the heart of biometric card scanning that can be used before the card is inserted into a credit card reader.
SmartMetric realized a few years ago that for a biometric card to be adopted by major card-issuing banks and the general public, the card needed to be able to work in all situations where a card is currently used. The president of SmartMetric said that creating and perfecting a power management system that sits inside the card, allowing the card to be used in all ATMs, restaurants and every other place people use their map, was a goal that SmartMetric would not compromise on. In fact, bringing a card to market with limited use would not be realistic in most credit card markets.
Because the SmartMetric biometric card allows the card to be used in all real-life situations and is not required to be held by the user while a transaction is in progress, SmartMetric confidently believes that its biometric card solution is truly the most advanced and advanced. world’s only biometric card product and the only truly convenient biometric card solution for consumers and banks.
SmartMetric’s biometric card addresses the existing multi-billion chip credit and debit card market. The figures published by EMVCo 1 reveal that by the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of nearly a billion EMV credits and debits® charts compared to the previous twelve months.
The Touch and Store Read Once technology developed by SmartMetric for its biometric card enables mass card-issuing financial institutions to issue their cards directly to consumers as they normally do without consumers needing to visit a bank branch to activate their new biometric card.
SmartMetric is a US-based company with sales and marketing partnerships in Latin America, Europe and the United States. The engineering of the biometric card electronics is done in-house and is the intellectual property of the company.
SmartMetric has issued patents and patents pending on its biometric card technology.
To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card Video. To visit the company’s website: www.smartmetric.com
1 Data source: 10 billion and counting: what is the latest EMV?® Chip Data Means for Global Payments – EMVCo
EMV is a registered trademark of EMVCo
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