NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME) reports that after extensive software and hardware engineering it is nearing completion of the final stage manufacturing of its biometric card with the ADVANTIS – RediSys credit/debit card chip and payments operating system on the SmartMetric biometric fingerprint activated credit and debit cards.
“We have faced challenges in the integration of the ADVANTIS payments system on our card which has necessitated extensive engineering on our part but we are very excited that we are now in the final stages of bringing our biometric card product to market with the ADVANTIS chip fully integrated into our biometric card platform," said today SmartMetric’s President & CEO, Chaya Hendrick.
We are also excited that we are able to bring to market not only a biometric fingerprint activated credit/debit card that works with in-store contact card readers and ATM’s but uses the person's fingerprint to activate contactless transactions.
Securing contactless credit and debit cards with a person’s biometrics will be a game changer in the contactless payments card world, allowing card issuing banks to now provide a totally secure contactless card product that can only be used by the real card holder. This dramatically changes the risk for card issuers who have had to have low transaction limits on contactless cards due to the ease of use by fraudsters who have acquired a lost of stolen card.
It has taken us a great deal of engineering and time to perfect our contactless card technology inside the card whereby the card's contactless radio transmission is only able to work with a contactless card reader following the card holder's fingerprint scan. The card holder's fingerprint is stored inside the card and by simply touching a sensor on the card's surface, in less than a quarter of a second the user's fingerprint is scanned, matched and then and only then will the card work in a contact or contactless reader.
The other major advantage of the SmartMetric biometric card technology is that it is self-powered. That means that the card does not have to be inserted into a card reader for it to work. This feature allows the SmartMetric card to be used at all card payment situations including in restaurants that take the card to the checkout to process the payment.
SmartMetric is preparing to have its card presented to card issuing banks around the world with an EMV Chip that will seamlessly operate with the bank's existing backend systems, card readers and ATM’s.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe, and the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Source data: *Figures reported in Q4 of 2018 and represent the latest statistics from American Express, Discover, JCB, MasterCard, UnionPay, and Visa, as reported by their member institutions globally. https://www.emvco.com/wp-content/uploads/2019/04/EMVCo_EMV_Chip_Deployment_Stats-20190325.pdf
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