SmartMetric, Inc. (OTCQB: SMME) reports the top benefits associated with using biometric authentication for payments in the mind of consumers are that it eliminates the need to remember multiple passwords/PINs (50%) and perceptions that it is more secure than passwords/PINs (46%).
Nearly half of credit and debit card users say in a survey conducted by AYTM of active payments users, they perceive biometrics used in the payment process is more secure than passwords. Even more think that using biometrics to make a payment is beneficial because it does away with the need to remember multiple passwords or PINs.
Ranked in accordance with importance are the benefits consumers see in using biometrics in payments using their credit or debit card.
- Would eliminate the need to remember multiple passwords and PIN numbers
- Is more secure than passwords and PIN numbers because they confirm my identity
- I can’t forget/lose my authentication method
- Would mean my details and accounts are safe even if my smartphone or computer is stolen
- I can pay anywhere/anytime because the authentication method is a part of me
- Biometric authentication is easier/less of a hassle than entering a password or PIN number
- Using biometric authentication would give me peace of mind that my payment is protected
This consumer research is in-line with consumer research commissioned by us which shows nearly 70% of card using consumers would pay for a biometric credit card because of the perceived added security that biometrics brings said today SmartMetric’s President and CEO, Chaya Hendrick.
There are now over 8.2 Billion credit/debit cards with a payments chip on the top of the card used to make a purchase or ATM transaction. SmartMetric biometric cards use the card users fingerprint to activate the chip used on today’s chip-based credit and debit cards. The SmartMetric® biometric in-the-card fingerprint scanner uses the card holders’ fingerprint to turn on the card based on a fingerprint scan of the card holder. As the card holder touches the fingerprint sensor the card’s internal fingerprint scanner reads, matches and then turns on the card instantly.
In less time than it takes to reach across to insert the card in a credit or debit card reader, the card has been biometrically activated if of course the person using the card is the legitimate card user. Making the use of the SmartMetric® biometric credit/debit is absolutely frictionless. In fact, it is even faster than using passwords or PINs.
The SmartMetric® biometric card solution for Banks provides a huge leap forward in credit card security moving security away from PINs and signatures to the vastly stronger biometric validation technology built inside the card.
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