NEW YORK–(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 people’s fingerprints inside the card in the same way that a mobile phone stores a fingerprint.
SmartMetric biometric cards do not use the payment chip seen on the normal surface of credit cards. Leave this chip dedicated to payment processing to a credit card reader. Storing and matching a person’s fingerprints in a separate processor allows users’ fingerprints to be protected by a double firewall and protected by highly secure cryptographic technology.
“One of the great features of our card using two processors, one for processing card transactions and the other for storing and scanning fingerprints, provides a high level of fingerprint security, which which is also important for in-home fingerprinting, which is very important to most major credit card issuers in the United States,” said SmartMetric President and CEO Chaya Hendrick.
As an American company, we have taken care to design a biometric card solution that meets the needs of American credit card issuers. A European biometric card developed by some who wanted to compete with the SmartMetric biometric card uses only one processor. In other words, they only use the payment chip used for payment processing visible on the surface of credit cards. The serious problem for this type of card is that, because it uses the same processor used for credit card transactions, a new card user has to go to a bank branch and use a fingerprint reader. secure to enter their fingerprint into the card. With our card, the new biometric card user does not need to go to a bank branch and can easily and securely use the card’s fingerprint sensor to store their fingerprint.
This product difference is huge, especially in the US market where over 80% of credit cards are issued by mail. One of the largest credit card issuers has only a handful of branches, but distributes millions of new cards each year directly to its customers by mail.
“Having a biometric card designed for the needs of credit card issuers is one of the overarching guidelines that guided our advanced and unique biometric card,” said Chaya Hendrick.
SmartMetric’s biometric card addresses the existing multi-billion chip credit and debit card market. The figures published by EMVCo 1 reveal that by the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of almost a billion credit and debit EMVs® charts compared to the previous twelve months.
SmartMetric has licensed patents and patents pending and trade secrets protecting its biometric card technology.
EMV is a registered trademark of EMVCo
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