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SmartMetric, a Leading FinTech Developer, Has Created the Next Generation Credit Card With In-Built Biometric Card Based Validation

SmartMetric, a Leading FinTech Developer, Has Created the Next Generation Credit Card With In-Built Biometric Card Based Validation

SmartMetric, Inc.: After years of research and development, SmartMetric has created what is considered to be one of the most advanced and leading-edge next generation products in the Financial Technology sector.

“When developing the SmartMetric biometric card, we were particularly aware that for its adoption by card issuing Banks and consumers, the card would need to work in all real-life situations in which the public uses cards today”

A credit card that has built inside, a fingerprint reader that when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is compared with your pre-stored fingerprint inside of the card and when a match occurs your card is turned on. Instant secure user validation that goes beyond the use of a PIN in protecting the use of a credit or debit card making a transaction.

What sets apart the SmartMetric biometric card solution is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted in a reader, thereby allowing the card to be used at regular ATMs and in situations where the card is used in places like a restaurant where the card is taken away from the dining table to be processed.

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“When developing the SmartMetric biometric card, we were particularly aware that for its adoption by card issuing Banks and consumers, the card would need to work in all real-life situations in which the public uses cards today,” said SmartMetric’s President and CEO Chaya Hendrick.

The SmartMetric Biometric Card goes beyond using its sub micro electronics inside the card for identity validation of the card user. It has large memory along with a very fast processor making the card an exciting new technology platform for advanced multi applications performed on the credit or debit card, ushering in a new dimension of advanced offerings for credit card issuers.

SmartMetric’s Biometric card addresses the multi billion existing chip based financial card market.

Figures published by EMVCo 1 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.

In addition, EMVCo reports that 86% of all card-present transactions conducted globally use EMV® chip technology. This is based on the data that could be obtained from American Express, Discover, JCB, Mastercard, UnionPay and Visa. It should be noted that, globally, 86.1% of transactions are EMV chip.

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SmartMetric foresaw the global adoption of credit and debit cards with chips. It embarked on developing a biometric fingerprint scanner small enough to fit inside a credit card over a decade ago. “Reducing the electronics to miniature scale of less than 0.3mm allowing it to fit inside a credit card that meets ISO standards for such cards has been a long process but one we are glad we set out to achieve”, said today SmartMetric’s President and CEO, Chaya Hendrick.

The SmartMetric in-the-card fingerprint scanner allows for the card’s chip to only work following a successful scan and match of the card users fingerprint. Unlike other biometric cards, the SmartMetric card does not need the card user to go into a bank branch to have their fingerprint stored on their new biometric card. Instead, the SmartMetric Biometric Card allows the card user to enroll their fingerprint when they first receive it at home as simply as it is when enrolling your fingerprint on a smartphone.

Touch and store read once technology developed by SmartMetric for its biometric card allows mass card issuing financial institutions to issue their cards direct to the consumers as they normally do without the need for consumers to come into a bank branch to activate their new biometric card.

SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe and United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.

SmartMetric has issued patents and patents pending surrounding its biometric card technology.

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[To share your insights with us, please write to sghosh@martechseries.com]

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