NEW YORK, March 21, 2022--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME): Is the only United States based biometric card manufacturing company addressing the existing credit and debit card market that now exceeds more than 1.6 billion 1 issued cards.
Based on consumer research commissioned by SmartMetric, Inc., nearly 70% of existing chip credit card holders would pay over $60.00 for a credit card that has inbuilt fingerprint biometric protection technology such as that manufactured by SmartMetric. Halving these estimates, it is conceivable to see that the future sales and revenue for the SmartMetric biometric secured credit/debit card would be greater than $33 billion for the USA market alone.
A ten percent adoption rate of safer biometric credit cards by US consumers would see revenues of over $9 billion based on the consumer research showing what consumers are willing to pay for upgraded biometric based card security. But if a more pessimistic adoption figure of only 1% is used the projected revenues on this would be $960 million.
Based on the perceived increase in anti-fraud protection that the SmartMetric biometric card brings to card users, the SmartMetric commissioned research shows a massive potential user adoption by users of credit and debit cards in the United States alone, said SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric makes no claims as to future revenues or sales based on this market research and analysis.
SmartMetric has invested over $30 million dollars in developing its fingerprint activated credit card and is now in talks with major payments networks regarding its cards use on their respective global networks.
The USA market for credit cards while being large at 1.6 billion cards and growing is a fraction of the number of all chip-based cards issued globally. However the United States leads the world in the dollar value of transactions made using credit and debit cards.
Figures published by EMVCo 2 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.
2 Data Source: 10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments - EMVCo
EMV is a registered trademark of EMVCo
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