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SmartMetric, Inc. (OTCQB: SMME) says that in the brave new world post Covid-19 it has become clear that consumers are wanting to lessen their exposure to public touch points when navigating the out-of-home world.
Leaving the confines and safety of a person's home takes the consumer into a shopping environment where they can expose themselves to virus infection. One of the common points of risk exposure is at the checkout counter. A credit and debit card key pad that is not cleaned after every transaction has become a serious touch point that can transfer viruses from one customer to another.
Mitigating the risk of the payment card touch keypad when entering a PIN to complete a transaction is something that is now a public health issue. Obviously, the best solution is to have no keypad entry needed when making a transaction.
While most credit and debit cards are now what is called contactless, the contactless transaction is dollar amount limited. Because a contactless card is inherently insecure, for transactions generally over $20.00 you are still required to put in your PIN at the checkout. Low transaction limits along with the need to touch the checkout keypad don’t make contactless card transactions as they are now designed an answer to true non-touch card usage at the checkout.
Contactless card transactions to buy a cup of coffee work fine. It is when you have just bought $150.00 of groceries that you have issues. Presently for such a purchase there is no getting around the requirement of using a keypad that usually between 10 and 20 people touch between store cleaning wipedowns.
The SmartMetric biometric credit and debit card is the perfect solution for true non-contact card use. With its built-in fingerprint sensor on the card that scans the card holders’ fingerprint when they touch the surface of their card. Their card scans their fingerprint, matches it with their fingerprint stored inside the card and in less than half a second authenticates the card user and turns on the card to send and receive a contactless signal to the reader.
Using a card user's own biometrics stored inside their own credit or debit card is far more secure in validating the authentication of the card user than the weaker security of a four digit PIN. It is now not only more secure than a PIN but allows the contactless credit or debit card to be used without the very low point of sale dollar transaction imposed on current contactless cards. All without the need to touch a suspect unclean card touch pad.
"We see consumer behavior being forever changed post Covid-19 with consumers still wanting to reach for their card to make a payment, but not wanting to touch PIN pads and readers at the checkout," said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric is ready to move aggressively forward in making available its new card to credit and debit card issuing Banks around the world, in association with the its global banking partners.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
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