NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME): A report, Contactless Payment Market Global Forecast to 2025, published by MarketsandMarkets says the global contactless credit/debit card payment market size is expected 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 forecast period. The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient stated the “MarketsandMarkets” report.
SmartMetric has announced that its biometric fingerprint secured and activated contact and contactless credit/debit cards are ready to ship to its partners in Europe at the end of the COVID-19 lock down.
“We are very excited with the reports of the extremely high growth for contactless credit and debit cards worldwide. Our biometric card, with a built inside the card fingerprint scanner that is used to replace the cards PIN number, increases the security for the contactless cards in this rapidly growing sector of the credit and debit card market,” said today SmartMetric’s President and CEO, Chaya Hendrick.
Securing contactless credit and debit cards with a person’s biometrics is a game changer in the contactless payments card world according to SmartMetric. 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 activated to work with a contactless card reader following the card holders positive fingerprint scan. The biometric credit card holders’ 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 users’ fingerprint is scanned, matched and then and only then will the card work in a contact or contactless card reader or ATM.
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 as soon as the COVID-19 restrictions are lifted in the United States and Europe.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
To view the company website: www.smartmetric.com
*MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
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