SmartMetric Biometric Credit Cards the Next Big Thing for the Banking Industry
SmartMetric, Inc. (OTCQB: SMME) According to independent consumer research contracted by SmartMetric, 80% of U.S. cardholders are seriously concerned about credit card and identity theft, and 67% say they wouldn’t mind paying for biometric cards.
Research by Visa is in line with SmartMetric’s research.
- More than 65% of consumers are already familiar with biometrics
- 86% are interested in using biometrics to verify identities or make payments
- 70% believe that biometrics are easier than using passwords or PINs
The SmartMetric biometric card solution for Banks provides a huge leap forward in credit card security moving security away from PINs and signatures to the vastly stronger biometric fingerprint of the card user.
Built inside the SmartMetric biometric card is a fully functional fingerprint scanner. The scanner along with the powerful internal ARM Cortex processor stores the card holders’ fingerprint inside the card. At no time does the persons fingerprint ever leave the card and it doesn’t require the Bank to hold the card holders’ fingerprint.
Embedding the card holders’ fingerprint into their biometric credit card is as easy as storing your fingerprint on your mobile phone. When the card user receives their card from their Bank they simply touch the square sensor on the cards surface four times and thereafter the users fingerprint is permanently stored inside the card. From now on the card will only work in conjunction with the card holder touching the cards little square sensor on the top of the card.
“It was important for us to ensure that our card was absolutely frictionless for the card user in that it didn’t add time to but in fact speeded up the card payment experience at the checkout or ATM. Our biometric card allows for the doing away of PINs altogether. The fingerprint scan is done in less than a quarter of a second thereby turning on the card and authenticating the user in less then time it takes to reach across to the payment terminal or ATM. Instant, seamless and secure are the hallmarks of our biometric card solution,” said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric has incorporated the ADVANTIS payments chip and operating system into its Biometric Card. This allows ADVANTIS to now offer arguably the best and most advanced biometric credit and debit card solution to it’s more than 500 Banking organizations around the world. In excess of 1.4 Billion cards have now been issued by Banks using the ADVANTIS payments chip and operating system.