SmartMetric Points to Consumer Research That Shows Up to 86% of Consumers Are Interested in Using Biometric Technology to Verify Identity and Make Payments
July 18 2024 - 1:38PM
Business Wire
SmartMetric, Inc. (OTC: SMME), addressing the 518 million issued
credit card market in the United States, sees a massive market
going forward for “biometrics-inside” credit cards based on
published consumer research.
The biometric payment cards market is growing because consumers
use biometrics to unlock mobile phones, and desire to have a
biometric sensor for easy payment processing. According to Visa,
amongst the surveyed American consumers in 2017, 65.0% of the
consumers were familiar with biometrics, and almost 86.0% of the
consumers were interested in making use of biometrics to verify
identity and make payments. 1
The global biometric payment cards market size was valued at
USD 74.4 million in 2021.
It is projected to reach USD 5.8 Billion by 2030, growing
at a CAGR of 62.50% during the forecast period (2022–2030).
2
“We at SmartMetric are excited about the future substantial
growth and demand for credit and debit cards that have built inside
biometric fingerprint detection and activation such as what we have
created,” said SmartMetric’s President and CEO, Chaya Hendrick.
The SmartMetric biometric fingerprint scanning credit card is
unique in the world in that it is the first and only such card that
has an inbuilt rechargeable battery allowing the card to be used at
any type of credit card reader including contactless and ATM
readers.
Inside the card is also a hardware engineered solution that
senses when an actual live fingerprint is used on the card that
foils fake fingerprints from thieves.
“Our amazing fingerprint activated biometric credit card is
years ahead of anyone else and will provide a quantum leap in anti
credit card fraud for banks and consumers alike,” said Chaya
Hendrick.
A fingerprint scan credit card is a type of biometric card that
uses a built-in fingerprint scanner to verify the identity of the
cardholder when they try to make a payment. This technology is
designed to enhance the security and convenience of credit card
transactions, especially for contactless payments as well as
standard contact payments and ATM transactions.
It has taken years of research and development to perfect the
internal power system within the SmartMetric finger scan card.
Millions of dollars in research and development have been invested
to create the only card of its kind in the world that will work at
all card readers. A card that is simple to download your
fingerprint into the card at home without the fear and
inconvenience of going somewhere else to have your fingerprint
scanned and stored into the card.
The SmartMetric finger scan card is light years ahead and brings
the reality of full biometric security technology to the ubiquitous
credit and debit card world.
Credit cards still dominate the way consumer make payments. Non
credit card payments such as phones account for less than 5% of
payment transactions while the majority of transactions are done
using either a credit or debit card.
According to a report published by Forbes Adviser on March 9,
2023, “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.” 3
1 Biometric Payment Cards Market Size Report, 2022 - 2030
(grandviewresearch.com) 2 Biometric Payment Cards Market Trends,
Share, Size, Growth, Forecast 2030 (straitsresearch.com) 3 Credit
Card Statistics And Trends 2024 – Forbes Advisor
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SmartMetric, Inc. Chaya Hendrick Tel: (702) 990-3687
Mobile: (305) 607-3910 (Pacific Time) ceo@smartmetric.com
www.smartmetric.com