SmartMetric Sees the Rise in Contactless Biometric Credit Cards and the Demise of PIN Pads and Magnetic Stripes in the Post COVID-19 Credit Card World
SmartMetric, Inc. (OTCQB: SMME) -- Consumer behavior has forever been changed because of COVID-19 according to the maker of biometric credit and debit cards, SmartMetric.
The ubiquitous PIN pad at every checkout where you need to touch buttons to enter your PIN code has become a virus spreading touchpoint. As a consumer goes to enter their PIN number on the PIN pad at the checkout a hesitation happens as they realize they are touching something that any number of consumers have touched during the course of just the past hour. Having no other option the consumer touches the PIN pad and if they are lucky reach immediately for a hand sanitizer. However most don’t because simply there is none provided at the checkout.
PIN pads have overnight become a virus spreading touchpoint that many consumers have an aversion to in this post COVID-19 world. However there is a safer way and it is already being rolled out around the world. The touchless “contactless” card reader. Instead of swiping and touching a card reader, the consumer simply waves their contactless equipped card within an inch or two of the card reader and instantly their card information is read by the machine. No touching. No swiping. A simple wave of the card in proximity to the card reader and the credit or debit card transaction is done.
Contactless credit and debit card transactions however have a singular issue. They are intrinsically less secure with no authorization such as a PIN number used to verify the authentication of the card user. This is why credit card issuers have limited the dollar spend amount through the use of the contactless credit cards. Making the contactless credit card unusable for such everyday things as a large grocery shopping for a regular family.
SmartMetric has an elegant and effective solution to the insecurity of the touchless and contactless credit card transaction. By adding a biometric fingerprint scanner inside the credit/debit card that scans the card user's fingerprint as they reach across to wave their card over the card reader at checkout, the company has successfully solved the security issue of contactless cards. A SmartMetric biometric technology inside the card now makes the credit and debit card far more secure than reliance on unsafe PIN numbers but now the preferred safe non touch option for consumers in this day and age of the pandemic.