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SmartMetric Fingerprints Future of Bank Transactions
New biometric debit and credit cards will nearly eliminate identity theft and fraud by utilizing fingerprints for transactions
Business Executives and Canadians alike could see a more secure form of credit and debit card transactions as SmartMetric Inc. announced that the company plans an aggressive push into the EMV Credit and Debit payment SmartCard market.
SmartMetric Inc. envisions its EMV compliant card to be the next staple of financial banking cards worldwide. Similar to today’s PIN or password credit and debit cards, SmartMetric cards would require fingerprints to authorize financial transactions.
"World banks have rapidly migrated to the new EMV standard. International banks are issuing hybrid credit cards which support both magnetic stripe and chip transactions. The next imminent step will eliminate totally the magnetic stripe from the SmartCards,” said Colin Hendrick, SmartMetric CEO.
“Today there are over 800 Million EMV compliant credit cards issued globally. Over 9 Million terminals (POS and ATM's) can read our SmartMetric chip based SmartCards and conduct payment transactions. Banks worldwide are migrating to the new standard and have already replaced old magnetic stripe cards throughout Europe, Asia and now in Latin America and Canada.”
Bank issued Smartcards of today are vulnerable to fraud and identity theft. The SmartMetric biometric fingerprint activated SmartCard will significantly improve security by only processing transactions after the users fingerprint has been read by the SmartMetric biometric cards internal scanner and reader.
"Especially in Europe, the EMV adoption has happened very quickly. We believe SmartMetric has the best patented technology to capture significant market share across Europe, South America and the rest of the world as SmartCards rapidly become the de facto standard in international banking,” said Hendrick.
Source: SmartMetric Inc.