SmartMetric Welcomes a Report Forecasting Double Digit Growth in the Contactless Credit/Debit Card Market Forecasting the Market's Value at $18 Billion By 2025
SmartMetric, Inc. (OTCQB: SMME): A report, Contactless Payment Market Global Forecast to 2025, published by MarketsandMarkets says the global contactless credit/debit card payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025. This is at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient stated the MarketsandMarkets report.
SmartMetric has announced that its biometric fingerprint secured and activated contact and contactless credit/debit cards are ready to ship to its partners in Europe at the end of the COVID-19 lock down.
“We are very excited with the continued reports of the very strong growth for the contactless credit and debit card market. Our biometric card with a built inside the card fingerprint scanner will be seriously advantaged by the continued strong growth in this market sector,” said today SmartMetric’s President and CEO, Chaya Hendrick.
Securing contactless credit and debit cards with a person’s biometrics is a game changer in the contactless payments card world according to SmartMetric. Allowing card issuing banks to now provide a totally secure contactless card product that can only be used by the real card holder. This dramatically changes the risk for card issuers who have had to have low transaction limits on contactless cards due to the ease of use by fraudsters who have acquired a lost of stolen card.
It has taken us a great deal of engineering and time to perfect our contactless card technology inside the card whereby the card's contactless radio transmission is only activated to work with a contactless card reader following the card holders positive fingerprint scan. The biometric credit card holders’ fingerprint is stored inside the card and by simply touching a sensor on the card's surface, in less than a quarter of a second the users’ fingerprint is scanned, matched and then and only then will the card work in a contact or contactless card reader or ATM.