SmartMetric, Inc. having spent over a decade on research and development in creating a credit card with an inbuilt fingerprint scanner for the ultimate in credit card security. SmartMetric has protected its invention of a biometric fingerprint activated credit card with patents.
“Without a doubt our strongest patents that basically stop any one else from selling any type of card with a smartcard chip on it and a fingerprint sensor, are the issued design patents”
As the company moves ever closer to releasing its biometric credit card in association with credit card issuing banks, a few copy cat companies have emerged to attempt to compete in the over 11 billion unit issued global card market.
The founder and inventor of SmartMetric Chaya Hendrick, realizing the enormity of the invention of a credit card with built inside the card fingerprint recognition for card security, early on applied for patents that would then be made available to SmartMetric so as to protect its position as the original and first developer of biometric activated credit cards.
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“Without a doubt our strongest patents that basically stop any one else from selling any type of card with a smartcard chip on it and a fingerprint sensor, are the issued design patents,” said SmartMetric’s President & CEO, Chaya Hendrick.
The issued design patents cover various shapes of fingerprint sensors that can be placed on the surface of the card in any place that on the card that a sensor can be placed. Effectively stopping anyone else from having a smart card with a chip and sensor on it or a credit card with a chip and fingerprint sensor from on it from being sold in the largest credit card market in the world which is the United States.
These multiple United States Patent Office issued design patents, give SmartMetric an unassailable product monopoly position in the US market for fingerprint activated biometric credit cards.
“Unlike other types of patents, design patents are the easiest to enforce as they do not require years of Federal Court litigation to enforce. Basically, all we need to do is take the issued design patents to the pertinent Government department and have competitors copycat cards seized at port of entry or within the USA at any office or warehouse,” said Chaya Hendrick.
SmartMetric is in the final stages of QC testing of its biometric card hardware along with the biometric card internal software and embedded operating system. This is the final preparation of the SmartMetric biometric card product prior to presenting it to one of the World’s largest credit card brands and card networks. It is planned that then the card will be offered to various major card issuing banks globally.
“We know it has been a long development process and that many banks are wanting to have in hand our advanced biometric card however we are diligently testing our final product to ensure that when it goes live with issuing banks that it will be a fail-safe product. After years of R&D we are extremely excited to have our reached this final stage of our biometric card product,” said Chaya Hendrick.
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According to independent research nearly 70% of existing credit card holders would freely pay $70 dollars for a biometric secured credit card in order to protect themselves from fraud.
84% of U.S. adults had a credit card in 2021. About 73% of Americans have a credit card by age 25, making credit cards the most common first credit experience for young adults. 1
In Q4 2022, credit card users reached a total of 166 million according to TransUnion, up from the prior three years. Among those users, new card accounts are growing, too. Over the past year, nearly half the population (47.5%) opened at least one new account, bringing the total number of accounts to over 518 million by the end of 2022.
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