SmartMetric, Inc. (OTCQB: SMME) sees that the Covid-19, CoronaVirus will have a lasting impact on how consumers interact with the physicalworld. This impact will be most pronounced in the aversion the public will haveto touching commonly used devices such as the credit/debit card PIN pad at acheckout counter.
This aversion to using public touch points will no doubtaccelerate the use of contactless credit cards with a growing demand for theabandonment altogether of needing to enter a PIN on a numeric pad at thecheckout. The death of the PIN has been coming for a long time given that afour-digit numeric code is today seen as one of the weakest forms of securityimagined. Code breaking software you can carry in your smartphone can crunchnumbers in seconds to defeat PIN codes. It is just that until now, there hasn’tbeen the impetus to bring about credit card industry wide change especially inan industry that is so large that implementing change is at best, not an easy task.
"SmartMetric sees that Covid-19 will cause a rethink acrossall areas that have public touch points ushering in a total rethink on howconsumers will interact with devices including the processing of their creditcard at a checkout," said today Chaya Hendrick, SmartMetric’s Presidentand CEO.
The SmartMetric fingerprint activated dual interface credit anddebit cards, having both contact insertion into a card reader along withcontactless RFID/NFC wireless reading, use biometrics to provide a much higherlevel of card security to that of PIN based cards. At the same time the card'senhanced security that stops the card from being able to be used unless thereis a 100% fingerprint match with the card user's fingerprint, provides Bankswith a much safer card platform. Even the card's RFID/NFC contactless featureis only activated following the biometric fingerprint match.
Using biometrics that are built into the card delivers a quantumleap in card security while now making contactless card payments even saferthan the standard credit card. This means that Banks can now rethink thetransaction dollar amount limit now in place on contactless credit and debitcards. With a card that can now only be used by the person the card is issuedto, contactless "no pin pad touch" transactions can be safely used bythe consumer while mitigating card fraud for the Banks.
The global contactless credit/debit card payment market size isexpected 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 forecastperiod according to report published by the research group,MarketsandMarkets 1.
SmartMetric is ready to move aggressively forward in makingavailable its new card to card issuing Banks around the world, in associationwith its global banking partners.
SmartMetric is a USA based company with sales and marketingpartnerships in Latin America, Europe and the United States. Engineering of thebiometric card electronics is done in-house and is the owned intellectualproperty of the company.
MarketsandMarkets™ provides quantified B2B research on 30,000 highgrowth niche opportunities/threats which will impact 70% to 80% of worldwidecompanies’ revenues. Currently servicing 7500 customers worldwide including 80%of global Fortune 1000 companies as clients. Almost 75,000 top officers acrosseight industries worldwide approach MarketsandMarkets™ for their pain pointsaround revenues decisions.
To view the SmartMetric Biometric Card please follow this link- Video of the SmartMetric Biometric Card.
To view the company website: 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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