NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME): Nearly half of all American adults have had a fraudulent charge on their credit or debit cards, amounting to around 127 million people. More than one in three credit or debit card holders has experienced card fraud more than once.1
This high rate of card fraud victims is even more alarming when it is noted that consumers now use cards as their major form of payment in the USA. According to a report by the Atlanta Fed 2, card payments were more popular than paper or electronic payments in 2020. In a typical month, consumers made an average of 43 payments using debit, credit, or prepaid cards (or 63 percent of total payments); 17 payments using cash, paper checks, and other paper instruments (26 percent); and eight payments using electronic and other means of payment (11 percent).
SmartMetric contracted independent market research shows that over 60% of existing credit card holders in the USA are willing to purchase a biometric credit card for an added sense of security.
It is estimated that there are over 200 million credits and debit cards issued in the United States.
The SmartMetric biometric in-the-card security uses a card holder's fingerprint biometrics to identify the card user and turn on the card as it is being inserted into a card reader or ATM. A sensor is on the top of the card and is simply touched by the user as they reach across to insert their card in a reader. In less than a second the card holder’s fingerprint is scanned and matched with their pre-stored in-the-card fingerprint, which in turn activates the card for a transaction.
“We are excited for the planned rollout of our card once it has passed through the approval and testing procedures of a major global payments network,” said SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric is the only USA-based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo3 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.
1 Credit Card Fraud 2021 Annual Report: Prevalence, Awareness, and Prevention | Security.org
2 2020-survey-of-consumer-payment-choice.pdf (atlantafed.org)
3 10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments - EMVCo
EMV is a registered trademark of EMVCo
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