Biometric card maker SmartMetric sees forecast of $5.765 trillion in global biometric payments by 2026 supporting massive growth in biometric credit cards

NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB:SMME): Goode Intelligence research reveals that $5.765 trillion in global biometric payments will be made annually by 2026.1 The research report goes on to say that “Biometrics is now a go-to technology for securing payments across all payment channels.”

“Nowhere else will biometric technology have a positive impact, that is in credit and debit cards,” said Chaya Hendrick, president and CEO of SmartMetric, today.

The Covid-19 pandemic has raised serious concerns about the use of PIN-PADs and shared POS devices in physical locations, resulting in the acceleration of biometric payment cards that are even more attractive to consumers.

“The pandemic has been a double-edged sword for us at SmartMetric. This has advanced consumer demand for minimal or no checkout contact when using their credit or debit card, while causing significant delays due to component supply shortages and shutdowns. manufacturing,” said Chaya Hendrick. “We have seen an impact of almost 3 years on our biometric card business, but now we have reached a milestone in the manufacture of our cards,” said the president of SmartMetric. SmartMetric’s current manufacturing capacity is over one million biometric cards per month.

The impact on contactless payments is obvious. With a contactless biometric card, the card user is 100% identified by the biometrics of their fingerprints. A non-biometric contactless credit or debit card is inherently insecure. Reports and cases of card data theft from RFID data stolen from the card have caused banks to restrict the dollar amount per card transaction to mitigate contactless card risk. With a biometric enabled card like the one manufactured by SmartMetric, the risk of contactless cards for banks is greatly reduced as the card can only function after a biometric fingerprint match on the card.

The SmartMetric biometric credit/debit card has three power sources built into the card. A miniature hybrid solid-state battery, power supply from contact readers when the card is inserted into a contact store reader or regular ATM, and contactless power harvesting from contactless card readers contact.

The SmartMetric card uses a near-paper-thin hybrid solid-state battery connected to an advanced fast-charging power management system inside the card that allows the card to scan and match biometrics a person’s fingerprints before the card is inserted into an in-store card reader, ATM or gas pump reader. Making it the first and only biometric card solution that will work on all of these credit/debit card reading devices, in the world.

SmartMetric’s biometric card addresses the existing multi-billion chip credit and debit card market. The figures published by EMVCo 2 reveal that by the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of nearly a billion EMV credits and debits® charts compared to the previous twelve months.

To view the SmartMetric biometric card, please follow this link – SmartMetric biometric card video. To view the company’s website: www.smartmetric.com

SOURCES:

1 Goode Intelligence (www.goodeintelligence.com) latest research, Biometrics for Payments; Market and Technology Analysis, Adoption Strategies and Forecast 2021-2026 – 3rd Edition

2 10 billion and more: what is the latest EMV?® Chip Data Means for Global Payments – EMVCo

EMV is a registered trademark of EMVCo

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