NEW YORK–(BUSINESS WIRE)–
SmartMetric, Inc. (SMME) according to Visa outside the United States, more than 40% of face to face card transactions with Visa cards already occur with a wave of the card at the checkout terminal. Other countries that have been earlier adopters of the tap or wave contactless card experience are even much higher. For instance, in Australia the number is 90% of transactions, Canada 60% and nearly 50% in the United Kingdom.
What is attracting consumers to tapping or waving their card at a terminal rather than inserting is the 5 to 10 seconds that is saved in a contactless wave of the card transaction rather than the usual insertion of the card into the Point Of Sale terminal. The attraction for retailers is that in the course of the day this can amount to fewer lines at the checkout, providing an improved card experience for both the card user and the retailer.
There is a big but, when it comes to contactless card payments. They are inherently less secure than contact transactions where the user physically inserts the card into a reader. This is where the introduction of biometrics onto the payments card turns an insecure card into a biometric high-level security product that uses the person’s fingerprint scan on the card to activate the card’s contactless function.
Prior to the fingerprint scan and activation performed on the card, the contactless card does not wirelessly send any information that is used for a transaction. When the card user wants to use the card they pull the card out of their wallet or purse as usual. They touch the surface of their card with a finger, because of ergonomics, in most cases their thumb. Then in less than a quarter of a second and in the less than the time it takes to reach across with the card to the terminal, the card has read the person’s biometric fingerprint, matched the fingerprint with the user’s pre-stored fingerprint, which in turn turns the payment card’s contact and contactless function on.
“SmartMetric has spent years in R&D to develop what is arguably the world’s most advanced, frictionless and elegant high-tech card solution for today’s security aware consumer and security concerned retailer and card issuer,” said today SmartMetric’s President and CEO, Chaya Hendrick.
JP Morgan Chase has announced that “all of its credit and debit cards will be moved to contactless by the end of 2019.” This is a major move in the contactless card space, ensuring that the United States will now join the other advanced card markets in the mass adoption of what the industry calls dual interface cards. That is, cards that operate with both the usual contact chip for insertion into a terminal or at the user’s choice using the contactless chip allowing the user to simply wave the card over the terminal.
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. SmartMetric has various patents pending and has five significant strategic issued patents.
According to Goode Intelligence, a research company based in London, they have predicted more than 500 million payment cards will be “biometric fingerprint cards” by 2024. That is less than five years. As the leader in the biometric card space, SmartMetric believes it is in a very strong position to dominate this new biometric technology card market.
Visa is forecasting that 100 million contactless Visa cards will be issued in the United States by the end of 2019. *
Please note that Visa is a registered trademark of Visa Inc.
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