SmartMetric's Biometric Credit Card Platform Can Turn a Credit or Debit Card on Using the Card Users Own Fingerprint
NEW YORK--(BUSINESS WIRE)--#ameritrade--SmartMetric, Inc. (OTCQB: SMME) a United States based company has achieved significant improvements on its advanced biometric credit/debit card product during the pandemic. During this time of business shut downs SmartMetric says that it has used the time to enhance its biometric card-based product. Its engineers have been working on creating even more powerful security within the card while making its electronics board and components even thinner to allow for the best quality ISO credit card possible.
Inside the credit card is a sophisticated almost tissue paper thin holding all to the components of a fully fledged fingerprint scanner. The SmartMetric biometric card has its own secure element processor that now has the users fingerprint encrypted and stored inside the memory of the fingerprint matching processor. The powerful standalone processor uses state of the art encryption embedded inside the processor that allows for the card holders fingerprint to be stored inside the card with military level encryption. This has been achieved without impacting the speed of the fingerprint scan and match whish is now sub 0.5 of a second.
Separating the function of fingerprint scan and match from the credit cards EMV payment chip allows for the SmartMetric biometric solution to not impinge on the EMV security of the EMV chip used for banking transactions. It also allows for a user at home fingerprint enrollment much like a person would enroll their fingerprint on a smartphone that has fingerprint unlock security.
What makes the SmartMetric biometric credit card solution so more advanced than other biometric cards is that it allows the users fingerprint to be scanned without being inserted into a card reader. This allows the card to work with ATM’s that swallow the card and of course restaurants that take the card from the table to the checkout.
“Having a self-powered card that is powered independently from the card reader was an imperative in our design and development process. In fact, we could have released a non-powered card that would of course not work with most ATM’s several years ago, but we knew that the consumer would want a card that would work in all situations," said SmartMetric’s President & CEO, Chaya Hendrick.”
The other great advantage of the SmartMetric card is that unlike other biometric cards a bank can issue the card through the mail and have the card holder embed or enroll their fingerprint on the card at home. Other biometric card systems require the card holder to go into an office and use a special fingerprint reading machine to enroll their fingerprint on a card.
According to a research report it is being estimated that more than 500,000 million biometric based credit cards will be issued globally by 2024.
SmartMetric is ready to move aggressively forward in making available it’s new card to credit and debit card issuing Banks around the world, in association with the its global banking partners.
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.
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.