SmartMetric, Inc. (OTCQB: SMME) card fraud losses reached $27.85 billion in 2018, up 16.2% from $23.97 billion in 2017. Consumer research commissioned by SmartMetric shows that nearly 60% of existing credit card users would pay for a credit card that has built-in-the-card biometric security. The research shows that the single biggest motivator for consumers to embrace biometric technology on their credit cards is the real fear of card-based fraud.
With all the talk of mobile phones replacing credit and debit cards, the reality shows that consumers prefer to use cards over mobile phones. There are now 22.11 billion credit, debit, and prepaid cards in circulation worldwide as of December 31, 2018. It is projected that there will be 29.31 billion credit, debit and pre-paid cards over the next five years.
Purchases of goods and services using credit, debit, and prepaid cards issued in the U.S. are projected to reach $10.086 trillion in 2023.
The SmartMetric biometric fingerprint activated Debit and Credit Card has a nano fingerprint scanner built inside the card which is used to scan the card holder’s fingerprint when they touch the card. The card user’s fingerprint is pre-stored inside the card and matched with the card user’s fingerprint every time the card is used. Each fingerprint scan and match takes less then a quarter of a second allowing for “frictionless” biometric card activation.
“If you aren’t the user then simply your card’s contact and contactless chip will not work, only you can turn on your card using your biometrics as the turn-on key,” said today SmartMetric’s President and CEO, Chaya Hendrick.
The United States has more than 842 million credit and debit cards as of the last quarter of 2018. The world total of chip-based Credit and Debit Cards is now more than 8.2 billion cards. This is an increase of over a billion Credit and Debit Cards from the previous year.
Using the SmartMetric miniaturized fingerprint scanner technology, SmartMetric has now brought biometric security technology to the now all-pervasive Credit and Debit Card.
SmartMetric holds issued patents and patents pending on its technology. Years of research and development have now culminated in a world class leading product in the biometric IOT space.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United Stated. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Quoted figures source – https://nilsonreport.com/publication_chart_and_graphs_archive.php and SmartMetric, Inc. research.
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