SmartMetric, Inc. (OTCQB: SMME) -- Consumer behavior has foreverbeen changed because of the world we live in according to the maker ofbiometric credit and debit cards, SmartMetric.
The ubiquitous PIN pad atevery checkout where you need to touch buttons to enter your PIN code hasbecome a virus spreading touch point. As a consumer goes to enter their PINnumber on the PIN pad at the checkout a hesitation happens as they realize theyare touching something that any number of consumers have touched during thecourse of just the past hour. Having no other option the consumer touches thePIN pad and if they are lucky reach immediately for a hand sanitizer. Howevermost don’t because simply there is none provided at the checkout.
PIN pads have overnight becomea virus spreading touch point that many consumers have an aversion to in thisever changing world. However there is a safer way and it is already being rolledout around the world. The touchless "contactless" card reader.Instead of swiping and touching a card reader, the consumer simply waves theircontactless equipped card within an inch or two of the card reader andinstantly their card information is read by the machine. No touching. Noswiping. A simple wave of the card in proximity to the card reader and thecredit or debit card transaction is done.
Contactless credit and debitcard transactions however have a singular issue. They are intrinsically less securewith no authorization such as a PIN number used to verify the authentication ofthe card user. This is why credit card issuers have limited the dollar spendamount through the use of the contactless credit cards. Making the contactlesscredit card unusable for such everyday things as a large grocery shopping for aregular family.
SMME has anelegant and effective solution to the insecurity of the touchless andcontactless credit card transaction. By adding a biometric fingerprint scannerinside the credit/debit card that scans the card user's fingerprint as theyreach across to wave their card over the card reader at checkout, the companyhas successfully solved the security issue of contactless cards. A SmartMetricbiometric technology inside the card now makes the credit and debit card farmore secure than reliance on unsafe PIN numbers but now the preferred safe nontouch option for consumers in this day and age of the pandemic.
"We see consumer behaviorbeing forever changed with consumers still wanting to reach for their card tomake a payment but not wanting to touch PIN pads and readers at thecheckout," said today SmartMetric’s President and CEO Chaya Hendrick.
The SmartMetric fingerprintactivated dual interface credit and debit cards, having both contact insertioninto a card reader along with contactless RFID/NFC wireless reading, usebiometrics to provide a much higher level of card security to that of PIN basedcards. At the same time the card's enhanced security that stops the card from beingable to be used unless there is a 100% fingerprint match with the card user'sfingerprint, provides banks with a much safer card platform. The card'sRFID/NFC contactless feature is only activated following the biometricfingerprint match.
Using biometrics that arebuilt into the card delivers a quantum leap in card security while now makingcontactless card payments even safer than the standard credit card. This meansthat banks can now rethink the transaction dollar amount limit now in place oncontactless credit and debit cards. With a card that can now only be used bythe person the card is issued too, contactless "no PIN pad touch"transactions can be safely used by the consumer while mitigating card fraud forthe banks.
The global contactless credit/debitcard payment market size is expected to grow from USD 10.3 billion in 2020 toUSD 18.0 billion by 2025. This is at a Compound Annual Growth Rate (CAGR) of11.7% during the forecast period according to report published by the researchgroup, MarketsandMarkets1.
SMMEis ready to move aggressively forward in making available its newcard to credit and debit card issuing banks around the world, in associationwith the its global banking partners.
SMMEis a USA based company with sales and marketing partnerships inLatin America, Europe the United States. Engineering of the biometric cardelectronics is done in-house and is the owned intellectual property of thecompany.
To view the SmartMetricBiometric Card please follow this link - Video of the SmartMetric Biometric Card. To view thecompany website: www.smartmetric.com
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