SmartMetric Welcomes the Adoption of Biometric Credit Cards by Both Visa and MasterCard

SmartMetric, Inc. (OTC: SMME) recognizing the advanced security features of credit cards with built in biometric recognition technology both Visa² and MasterCard² have adopted the use of biometric credit cards over their respective payment networks.

As with any new disruptive technology, SmartMetric sees that in the first instance there will be a steady adoption take up and then we will see a dramatic S-curve adoption of biometric cards as banks and consumers alike are drawn to the advanced security of credit cards that have inbuilt biometrics.

“SmartMetric is the original developer of biometric credit cards and having spent literally years and millions of dollars in R&D to reduce the size of biometric electronics to fit inside a credit card, finds that it has created the most advanced and user-friendly biometric credit card in the world," said SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric leads the world in biometric credit card technology in having developed a biometric credit card that has an internal rechargeable battery that is used to power the fingerprint scanning of the card user, independent of card reading terminals and ATMs. This allows the SmartMetric biometric card to be used “anywhere and anytime” a card holder wants to use their new biometric card.

Other less advanced cards have begun trials in Europe that are not self-powered. This is a huge disadvantage over the SmartMetric card as a non-powered biometric card will not work at a lot of gas stations, ATMs and restaurants that process the credit card charging away from the table.

The advanced SmartMetric biometric card has many other features, not least is its hardware-based detection of a live finger. This provides the card with added security against fake fingerprint replicas, making the SmartMetric biometric card the most secure card developed.

In Q4 2022, credit card users reached a total of 166 million according to TransUnion, up from the prior three years. Among those users, new card accounts are growing, too. Over the past year, nearly half the population (47.5%) opened at least one new account, bringing the total number of accounts to over 518 million by the end of 2022 in the United States.¹

84% of U.S. adults had a credit card in 2021. About 73% of Americans have a credit card by age 25, making credit cards the most common first credit experience for young adults.¹

Market research has shown that 70% of current credit card users are willing to pay $70.00 for a biometric secured credit card. The single largest motivation is wanting to feel more secure.