SmartMetric, Inc. (OTCQB: SMME) – London based research company Goode Intelligence predicts that there will be over 579 million biometric credit/debit card in use globally by 2023. Goode Intelligence said this substantial adoption of biometrics for credit and debit cards is being driven by a number of factors including the desire of consumers for safer credit card and debit card transactions.
SmartMetric is excited that it is now able to offer its biometric secured credit and debit card product to card issuing banks around the world. The company has successfully added the ADVANTIS credit card chip and payments operating system to the SmartMetric biometric card which now allows ADVANTIS to offer the biometric credit and debit card solution to its more than 500 card issuing banking organizations around the world. The ADVANTIS chip is now used on over 1.4 billion credit/debit cards globally.
One particular area of card payments that will benefit the most from biometric authentication on the card is contactless payment cards. Because contactless payments are inherently less secure than contact cards that are physically inserted in card readers, contactless cards have very low transaction ceiling limitations. This has impeded the adoption of contactless card payments beyond the coffee shop and other low value transactions. “With the inclusion of biometric authentication such as that developed by SmartMetric, what was a less secure platform becomes a solid as steel secure transaction medium,” said today SmartMetric’s President and CEO, Chaya Hendrick.
Contactless card payments are seeing significant growth in regions that support them. For example, the United Kingdom has embraced contactless card technology with contactless payment cards now overtaking contact cards for physical retail payments. Contactless card payments are even outperforming mobile in many regions. Many consumers prefer to use a contactless payment card over a mobile payment equivalent and according to Goode Intelligence research, would like to use cards in contactless mode for higher value transactions.
Biometric payment cards not only offer improved security by removing the PIN but also allow frictionless payments for higher value transactions. Goode Intelligence reports that there is a significant market opportunity for biometric payment cards and forecasts that by 2023 there will be almost 579 million biometric payment cards in use around the world.
SmartMetric has developed a credit card that uses the card holders’ fingerprint to activate the credit or debit card prior to it being inserted into a retailer’s credit card reader or ATM. This allows for a full 100% biometric validation of the card user. Making the card substantially safer for both the card user and the bank.
“Using biometrics inside the credit card is something that has taken us over 15 years of R&D but now we find ourselves with arguably the most advanced and exciting biometric solution to fight credit and debit card fraud,” said Chaya Hendrick.
Follow this link to view the SmartMetric biometric credit card: Using the SmartMetric Card at an ATM, Storing your fingerprint on your card, SmartMetric Biometric Portable Medical Records Card. To view the company website: www.smartmetric.com
*Goode Intelligence forecasts 579 million biometric payment cards will be in use
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