SmartMetric, Inc. (OTCQB: SMME) sees that the Pandemic will have a
lasting impact on how consumers interact with the physical world. This impact
will be most pronounced in the aversion the public will have to touching
commonly used devices such as the credit/debit card PIN pad at a checkout
counter.
This aversion to using public touch points will no doubt
accelerate the use of contactless credit cards with a growing demand for the
abandonment altogether of needing to enter a PIN on a numeric pad at the checkout.
The death of the PIN has been coming for a long time given that a four-digit
numeric code is today seen as one of the weakest forms of security imagined.
Code breaking software you can carry in your smartphone can crunch numbers in
seconds to defeat PIN codes. It is just that until now, there hasn’t been the
impetus to bring about credit card industry wide change especially in an
industry that is so large that implementing change is at best, not an easy
task.
"SmartMetric sees that the Pandemic will cause a rethink
across all areas that have public touch points ushering in a total rethink on
how consumers will interact with devices including the processing of their
credit card at a checkout," said today Chaya Hendrick, SmartMetric’s
President and CEO.
The SmartMetric fingerprint activated dual interface credit and
debit cards, having both contact insertion into a card reader along with
contactless RFID/NFC wireless reading, use biometrics to provide a much higher
level of card security to that of PIN based cards. At the same time the card's
enhanced security that stops the card from being able to be used unless there
is a 100% fingerprint match with the card user's fingerprint, provides Banks
with a much safer card platform. Even the card's RFID/NFC contactless feature
is only activated following the biometric fingerprint match.
Using biometrics that are built into the card delivers a quantum
leap in card security while now making contactless card payments even safer
than the standard credit card. This means that Banks can now rethink the
transaction dollar amount limit now in place on contactless credit and debit
cards. With a card that can now only be used by the person the card is issued
to, contactless "no pin pad touch" transactions can be safely used by
the consumer while mitigating card fraud for the Banks.
The global contactless credit/debit card payment market size is
expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025.
This is at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast
period according to report published by the research group,
MarketsandMarkets 1.
SmartMetric is ready to move aggressively forward in making
available its new card to card issuing Banks around the world, in association
with its global banking partners.
SmartMetric is a USA based company with sales and marketing
partnerships in Latin America, Europe and the United States. Engineering of the
biometric card electronics is done in-house and is the owned intellectual
property of the company.
MarketsandMarkets™ provides quantified B2B research on 30,000 high
growth niche opportunities/threats, which will impact 70% to 80% of worldwide
companies’ revenues. Currently servicing 7500 customers worldwide including 80%
of global Fortune 1000 companies as clients. Almost 75,000 top officers across
eight industries worldwide approach MarketsandMarkets™ for their pain points
around revenues decisions.
To view the SmartMetric Biometric Card please follow this link
- Video of the SmartMetric Biometric Card.
To view the company website: https://www.smartmetric.com/
SmartMetric,
Inc.
Chaya Hendrick
President & CEO
3960 Howard Hughes Parkway, Suite 500
Las Vegas, Nevada. 89169 USA
Tel: (702) 990-3687
ceo@smartmetric.com
www.smartmetric.com
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