SmartMetric Analysis of the Post Corona Virus World and the Impact on Public Touch Points in the Credit Card Industry
SmartMetric, Inc. (OTCQB: SMME) sees that the Covid-19, Corona Virus will have a lasting impact on how consumers interact with the physical world. This impact will be most pronounced in the aversion the public will have to touching commonly used devices such as the credit/debit card PIN pad at a checkout counter.
This aversion to using public touch points will no doubt accelerate the use of contactless credit cards with a growing demand for the abandonment altogether of needing to enter a PIN on a numeric pad at the checkout. The death of the PIN has been coming for a long time given that a four-digit numeric code is today seen as one of the weakest forms of security imagined. Code breaking software you can carry in your smartphone can crunch numbers in seconds to defeat PIN codes. It is just that until now, there hasn’t been the impetus to bring about credit card industry wide change especially in an industry that is so large that implementing change is at best, not an easy task.
“SmartMetric sees that Covid-19 will cause a rethink across all areas that have public touch points ushering in a total rethink on how consumers will interact with devices including the processing of their credit card at a checkout," said today Chaya Hendrick, SmartMetric’s President and CEO.
The SmartMetric fingerprint activated dual interface credit and debit cards, having both contact insertion into a card reader along with contactless RFID/NFC wireless reading, use biometrics to provide a much higher level of card security to that of PIN based cards. At the same time the card's enhanced security that stops the card from being able to be used unless there is a 100% fingerprint match with the card user's fingerprint, provides Banks with a much safer card platform. Even the card's RFID/NFC contactless feature is only activated following the biometric fingerprint match.
Using biometrics that are built into the card delivers a quantum leap in card security while now making contactless card payments even safer than the standard credit card. This means that Banks can now rethink the transaction dollar amount limit now in place on contactless credit and debit cards. With a card that can now only be used by the person the card is issued to, contactless “no pin pad touch” transactions can be safely used by the consumer while mitigating card fraud for the Banks.