NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB:SMME), the developer and manufacturer of advanced biometric credit/debit and security cards, reports that based on research published this month by the Nilson Report, a staggering $24.26 Billion was lost in the past 12 months due to payment card fraud worldwide. The United States still leads the world as the most credit card fraud prone country with 38.6% reported card fraud losses last year.
It is projected that payment card fraud losses are not going away. According to reported research, the global card fraud losses will grow by almost $10 Billion over the next 3 years.
“The loss to card fraud is not going away and presents an ever-growing challenge to card-issuing banks worldwide. This is why we are receiving so much interest from banks from around the world in our biometric secured credit/debit card,” said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric makes a fingerprint activated credit/debit card that uses the cardholders prestored fingerprint to unlock and activate the card prior to the card's use in a retail card reader or ATM. Embedded inside the card is a super miniature fingerprint scanner that reads and matches the person's fingerprint in less than 1 second when they touch a miniature sensor on the card's surface.
According to consumer research by an independent consumer research company, over 60% of existing credit card users would be willing to pay for biometric fingerprint card.
Independent research by Goode Intelligence, a London-based research company, reports that its latest research on the size of the biometric credit and debit card industry states the market for biometric credit and debit cards will reach close to 579 million issued biometric cards around the world within the next 5 years.
Goode Intelligence said, “there is a significant market opportunity for biometric payment cards and we forecast that by 2023 there will be almost 579 million biometric payment cards in use around the world.”
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