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SmartMetric Sees Massive Adoption of Biometric Credit Cards Based on Research Report That Forecasts 579 Million Biometric Credit/Debit Cards in Use By 2023
SmartMetric Sees Massive Adoption of Biometric Credit Cards Based on Research Report That Forecasts 579 Million Biometric Credit/Debit Cards in Use By 2023.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\nSmartMetric, Inc. (OTCQB: SMME) – London based research company Goode Intelligence predicts that there will be over 579 million biometric credit/debit card in use globally by 2023. Goode Intelligence said this substantial adoption of biometrics for credit and debit cards is being driven by a number of factors including the desire of consumers for safer credit card and debit card transactions.\n\n\nSmartMetric is excited that it is now able to offer its biometric secured credit and debit card product to card issuing banks around the world. The company has successfully added the ADVANTIS credit card chip and payments operating system to the SmartMetric biometric card which now allows ADVANTIS to offer the biometric credit and debit card solution to its more than 500 card issuing banking organizations around the world. The ADVANTIS chip is now used on over 1.4 billion credit/debit cards globally.\n\n\nOne particular area of card payments that will benefit the most from biometric authentication on the card is contactless payment cards. Because contactless payments are inherently less secure than contact cards that are physically inserted in card readers, contactless cards have very low transaction ceiling limitations. This has impeded the adoption of contactless card payments beyond the coffee shop and other low value transactions. “With the inclusion of biometric authentication such as that developed by SmartMetric, what was a less secure platform becomes a solid as steel secure transaction medium,” said today SmartMetric’s President and CEO, Chaya Hendrick.\n\n\nContactless card payments are seeing significant growth in regions that support them. For example, the United Kingdom has embraced contactless card technology with contactless payment cards now overtaking contact cards for physical retail payments. Contactless card payments are even outperforming mobile in many regions. Many consumers prefer to use a contactless payment card over a mobile payment equivalent and according to Goode Intelligence research, would like to use cards in contactless mode for higher value transactions.\n\n\nBiometric payment cards not only offer improved security by removing the PIN but also allow frictionless payments for higher value transactions. Goode Intelligence reports that there is a significant market opportunity f...