NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Goode Intelligence, a London based research company has listed the following companies as Biometric Smart card Vendors. Zwipe, CardLab, Card Tech, Feitian, Jinco, Linxens, Kona I, MeReal Biometrics, NXP and SmartMetric.
The SmartMetric biometric card is protected by issued patents that in its view would prohibit other biometric card companies from entering, in particular, the United States market.
It is our understanding that SmartMetric is the only Biometric Smart Card designed for credit and debit cards that uses a separate secure encrypted processor for storing a person’s fingerprint inside the credit or debit card. Because SmartMetric does not use the smartcard chip, or what is referred to in the credit card industry as the EMV chip, for storing a person’s fingerprint, the SmartMetric biometric card has a number of distinct advantages over the others.
The SmartMetric biometric card allows for simple and frictionless fingerprint enrollment. Because it is not using the EMV/Smartcard chip to store the fingerprint it does not need a separate reader to capture the person’s fingerprint for storage inside the Biometric card. In the case of credit and debit cards, other companies’ biometric cards need the person to go into a bank branch to have their fingerprint captured and stored into the card using a special fingerprint reader. This is highly inconvenient for the public and of course impracticable in credit card markets such as the United States where the vast majority of new credit cards issued to customers are sent out via the mail.
Since SmartMetric uses a separate processor and fingerprint storage inside the card for users’ fingerprints, credit card and debit card customers do not need to go into, say, a bank branch to have their fingerprint enrolled and stored inside the biometric card. The SmartMetric solution allows for a simple enrollment of the fingerprint on the card much the same and as easy as one would store fingerprint biometrics onto a mobile phone – no special reader needed. Just like the mobile phone with its built-in fingerprint scanner, the SmartMetric biometric card itself is used for capturing and storing a persons fingerprint. A simple process of touching the sensor a few times, a solid green LED light indicates successful fingerprint enrollment and the new card holder’s fingerprint is forever stored inside the SmartMetric biometric card.
“We know of no other biometric card developed for use by banks and large-scale credit card issuers that has created such an easy and intuitive at-home fingerprint enrollment on the card as that developed by SmartMetric,” said today SmartMetric’s President and CEO Chaya Hendrick.
“We are excited about our now moving forward with our card in association with card issuing banks here in the United States. The company, being a USA based company, is concentrating its first product release in the United States in association with a significant credit card issuer that is now in discussions with SmartMetric for release and issuing to the public of its unique advanced biometric credit and debit card,” said Chaya Hendrick.
SmartMetric has been supported by private investing shareholders during its long product development stage. Over recent times the company received funding from a source via what is commonly referred to as convertible notes. The company has no idea how many shares may or may not have been converted under these prior notes.
Recently in the company’s filings it has been disclosed that the company has had four professional investment funds provide a round of funding while at the same time the company registered, via an S1, additional shares.
An agreement is in place to provide for up to $5 million in draw down funding via S1 registration with the largest of these funds.
The company is very thankful for the funding support it has received from its shareholders over the years and is very thankful for the funds who have now provided cash to allow the company to move rapidly forward with the execution of its biometric card business into the market.
“SmartMetric has no plans to do a stock split. We trust that the company will be valued accurately on the market as it moves forward with the execution of its business,” said Chaya Hendrick.
SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo 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.
To view the SmartMetric Biometric Card please follow this link – Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com
SOURCES:
10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments – EMVCo
Please Note: EMV is a registered trademark of EMVCo
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