Business
The SmartMetric Biometric Card Addresses the Over 11 Billion Credit Cards and Debit Cards Global Market
The SmartMetric Biometric Card Addresses the Over 11 Billion Credit Cards and Debit Cards Global Market.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\nSmartMetric, Inc. (OTC: SMME) – over 11 billion credit and debit cards are in circulation globally. Upgrading the world of credit cards and debit cards with the SmartMetric biometric “in-the-card” technology provides a massive sales adoption opportunity for SmartMetric.\n\n\nIndependent research has shown that up 70% of existing credit card holders are willing to switch to a safer and more secure “biometric” credit card that has fingerprint scanning biometric technology inside. The same research showed these credit card users in the research survey said they are willing to pay $70.00 for a biometric credit card.\n\n\n“The truth is, we didn’t ask what is the upper price consumers are willing to pay for our biometric card when available from their card issuing bank, but we believe the consumers would pay $99.00 just as easily as they would pay $70.00 for our card,” said the President & CEO of SmartMetric, Chaya Hendrick.\n\n\nSmartMetric plans on selling its card to card issuing banks for $50.00 a card. “In our talks with banks we have found some banks considering providing the biometric card free to their customers,” said Chaya Hendrick. Some banks recognize the ability of a next gen credit card product to attract new card customers. The marketing benefits alone to a card issuing bank with the known demand for such a card would in effect reduce the cost of new card customer acquisition which is currently averaging over $120 per new card customer in the United States. So a card issuer stands to attract a lot of new credit card customers and because of the existing demonstrated demand for a biometric card, these card issuers will have a much lower cost of new card customers for the biometric card.\n\n\nThis is not to mention the considerable fraud loss mitigation benefit to the card issuing bank from having their customers use a biometric fingerprint secured card.\n\n\nWe created a biometric credit card some time ago in the pre-pandemic world. After discussions with the largest global credit card network, we made changes to our biometric card said Chaya Hendrick. The advances and changes we have made to our card have taken a lot of engineering time from our team of research and development engineers.\n\n\nThe company had reduced by half the fingerprint recognition al...