SmartMetric, Inc. (OTCQB: SMME) reports, based on figures published by the industry standards body EMV Co, that more than 8.2 Billion chip cards with EMV chips are now in use globally. The adoption rate between non-chip-based card and chip-based cards is now more than 75%. That is now more than 75% of all credit and debit cards around the world are now using the EMV Chip.
SmartMetric commenced developing its biometric “inside the card” technology for chip-based cards more than a decade ago, in fact years before the mass adoption of chip-based credit and debit cards. SmartMetric foresaw the ongoing growth in card-based fraud and saw that a powerful tool to protect credit cards would be to use miniature electronics to embed biometric security technology inside the ubiquitous credit card.
SmartMetric has successfully embedded its powerful fingerprint biometric scanner that sits inside the credit card. This scanner comes to life when the card user touches the surface of the card and then the internal fingerprint scanner scans and matches the user’s fingerprint in less than a quarter of a second. Upon a match, the card’s EMV chip is turned on allowing the card to perform a standard credit or debit card transaction.
“The SmartMetric biometric scan and match of the card user’s biometric fingerprint takes place in less time than it takes for the card user to reach across to insert their card in a store card reader of ATM,” said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric is preparing to have its card presented to card issuing banks around the world with an EMV Chip that will seamlessly operate with the Bank’s existing backend systems, card readers and ATMs.
SmartMetric is a USA-based company with sales and marketing partnerships in Latin America, Europe and the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Source data: *Figures reported in Q4 of 2018 and represent the latest statistics from American Express, Discover, JCB, MasterCard, UnionPay, and Visa, as reported by their member institutions globally. https://www.emvco.com/wp-content/uploads/2019/04/EMVCo_EMV_Chip_Deployment_Stats-20190325.pdf
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