Cards or Phones -- Why Cards Will Continue to Dominate the Payments Industry
NEW YORK, NY--(Marketwired - Apr 22, 2014) - SmartMetric, Inc. (
A payments system that for instance doesn't work at every retail point of sale reader and ATM, will never achieve the goal of being ubiquitous. A limited use payments device will always result in limited user adoption. This is why the mobile phone as a payments platform is finding little success as an alternative to cards and even following the joint marketing efforts of mobile phone companies and some banks, has failed in achieving credible user adoption.
Mobile phones, unlike cards have a very limited retail operational footprint. This is why the dream of the phone replacing the credit card still remains a dream with one failed attempted phone based payments deployment after another. Simply without phone readers at every retail store and every ATM a person will still need to leave home with their card on their trip to the mall. Even if some store chains installed phone RFID readers it would still leave many retailers without the phone reading devices. And what serious consumer would enter the mall with a new kind of payments device that wouldn't work to buy those must have cute shoes in that card only store. Simply put, the only payments platform that will always be taken to the mall will be the card.
Concentrating its technology innovation on the card, SmartMetric has successfully built into a debit and credit card a miniature fingerprint reader that is used to scan the card owners fingerprint which in turn then turns on the card. This SmartMetric payments card that works at existing retailers and ATM's affords both the user, retailer and bank, protection from fraud, using state of the art biometrics technology built inside the card. If it's not you the card won't work said SmartMetric President & CEO, Chaya Hendrick.
Last year it has been reported that over $6 Billion was lost to credit card fraud in the United States.
Ms. Hendrick said SmartMetric will be incorporating fingerprint activated RFID, NFC and Bluetooth Light into its next generation biometric secured cards. Making the card a truly ubiquitous, use anywhere payments platform with the security of biometrics.
The company has spent a great deal of time in perfecting its fingerprint activated card. Overcoming hurdles including the recent discontinued supply of its silicon based fingerprint sensor. And having spent a great deal of engineering effort to replace its sensor with a new and superior sensor the company has used the opportunity to make further electronic enhancements to its biometric products.
According to the company, SmartMetric is concentrating its effort on releasing its biometric payments card and has decided to release other products such as its medical records storage device called the MedicalKeyring following the launch of its card products. SmartMetric did a trial release late last year of its MedicalKeyring devise and will relaunch after rekease of the card, with sales and marketing being focused on distribution through health industry relationships rather than as previously trialed with direct to consumer sales.
SmartMetric is in sales discussions for its biometric acticated chip card with financial institutions in Europe, Asia and Latin America where the company plans on first releasing its EMV chip biometric card. Following release in these mature chip card markets the company then plans to release its product in the United States.
The SmartMetric fingerprint card is fully compatible with existing chip card systems. According to EMV.co there are more than 1.6 Billion issued EMV chip cards in use around the world. SmartMetric has designed its technology to be able to be adopted by card issuers while conforming to existing credit card specifications.
SmartMetric, Inc. (
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Chaya C. Hendrick
President & CEO