NEW YORK–(COMMERCIAL THREAD) – SmartMetric, Inc. (OTCQB: SMME): The estimated market size for biometric credit and debit cards is significant. According to EMVCo, a credit card standards body responsible for licensing and rules governing EMV chips used on credit and debit cards today, more than $ 11 billion 1 EMV smart cards have been issued by banks around the world.
SmartMetric contracted with an independent consumer market research company to determine potential consumer demand for a credit card with built-in fingerprint biometrics. The survey was conducted in the United States among credit card users.
The questions and results of the consumer survey are as follows.
1: Are you concerned about credit card or ID fraud? Answered yes: 80.1%
2: Would you like to pay for a more secure biometric secure credit card that has a built-in fingerprint reader for your protection? Answered yes: 65.5%
Considering these research results and the number of credit cards issued by banks around the world, this is an extremely large potential market for which SmartMetric has developed its product.
The more than 10 billion chip credit and debit cards issued worldwide have been issued by banks to enhance card security. By now adding the biometric fingerprint detection technology used to activate contact and contactless chip cards, credit card security is taken to the next level.
It is important to SmartMetric and the card issuing banks that consumer research shows that bank customers are willing to pay for a biometric credit card. This is based on consumers’ desire for more secure technology that helps protect against card fraud. For bank card customers, the concern of card fraud goes far beyond the financial loss they may or may not suffer.
Card customers find the experience of having their financial security breached unpleasant. It is a logical and emotional reaction from consumers. The feeling of violation along with the general concern for their financial security is the main reason research shows that so many existing card customers are willing to pay for a biometric card.
For card-issuing banks, they also benefit from the increased security offered by biometric credit and debit cards while being able to turn their cards into a new source of revenue generating revenue. Make the credit card a fully-fledged new consumer device.
“Based on this consumer study, the future number of credit and debit cards with built-in biometrics, such as the biometric cards offered by SmartMetric, can easily exceed 1 billion cards. That’s just a 10% adoption rate as consumer research shows a potential adoption rate of over 60%, SmartMetric President and CEO Chaya said today. Hendrick.
SmartMetric’s own internal financial projections based on just 5 million cards issued show an expected EBITDA of $ 140 million. This is by no means guaranteed, but it is an indication of the breadth of the market and its earning potential.
SmartMetric is the inventor and manufacturer of electronic devices that integrate with credit and debit cards.
SmartMetric fingerprint scanning technology inside the card allows the user to secure their credit card using their own fingerprint. It also allows payment networks to have confidence that the person making the transaction is the person to whom the card was issued.
SmartMetric’s biometric fingerprint secure credit and debit cards were designed around the chip that has now become the standard on newly issued cards in the credit and debit card industry. Touching a small sensor on the surface of the card causes a fingerprint scan that reads and matches the fingerprint of card users in less than a second. Following a fingerprint match, the card surface chip is then activated, allowing the card to function in a card reader in a point-of-sale terminal or ATM.
Touch and Store Read Once technology, developed by SmartMetric for its biometric card, allows financial institutions that issue mass cards to issue their cards directly to consumers without them having to visit a bank branch. This is an important feature of the SmartMetric biometric card given that most new card issuance, especially in the United States, is done by mail.
SmartMetric is a United States-based company with sales and marketing partnerships in Latin America, Europe, and the United States. The engineering of the electronics of the biometric card is carried out in-house and is the intellectual property of the company.
SmartMetric has issued patents and pending patents relating to its biometric card technology.
EMV is a registered trademark of EMVCo
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