NEW YORK, March 10, 2022--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME): Uses advanced cryptographic technology inside the powerful microprocessor inside the SmartMetric fingerprint biometric card. This advanced microprocessor is used to store images of a persons fingerprint inside the card much in the same way as a mobile phone stores a fingerprint.
SmartMetric biometric cards do not use the payments chip that is seen on the regular credit cards surface. Leaving this chip dedicated for the processing payments at a credit card reader. Storing and matching a person’s fingerprint in a separate processor allows for the users fingerprint to double firewalled and protected by highly secure cryptographic technology.
"One of the great features of our card using dual processors, one for card transaction processing and another for fingerprint storage and scan and match, provides a high level of security for fingerprints also importantly it allows for at home fingerprint enrolment which is very important for most large credit card issuers in the United States," said SmartMetric’s President and CEO, Chaya Hendrick.
Being a USA company we have been careful to design a biometric card solution that meets the needs of USA credit card issuers. A European biometric card developed by some who wanted to compete with the SmartMetric biometric card uses only a single processor. That is, they only use the payments chip used for payment processing seen on the surface of credit cards. The serious issue for this type of card is that because it is using the same processor used for credit card transactions a new card user needs to go into a bank branch and use a secure fingerprint scanner to input their fingerprint into the card. With our card the new biometric card user does not need to go into a bank branch and can easily and securely use the cards fingerprint on-card sensor for storing their fingerprint.
This product difference is massive, particularly in the USA market that has more than 80% of credit cards issued by mail. One of the largest credit card issuers only has a handful of branches but distributes millions of new cards a year direct to their customers through the mail.
"Having a biometric card built for the needs of credit card issuers is one of the overriding guidelines that has driven our advanced and unique biometric card," said Chaya Hendrick.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo 1 reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months.
SmartMetric has "licensed" issued patents and patents pending as well as trade secrets protecting its biometric card technology.
EMV is a registered trademark of EMVCo
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