NEW YORK-(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Bringing a unique and novel new card into the world of credit cards is a complex process that requires product approval in order for it to work on the global payment network that interacts with the store. card readers and ATMs for credit and debit cards.
SmartMetric has partnered with one of the largest of the top three global payment networks in the SmartMetric approval process. Understandably, this has been a long process as our card with built-in biometric fingerprint scanning goes beyond the normal cards approved by the network for card makers.
“We are pleased to announce that we are now in the final process where our card is only now to be validated against the card body itself, and no further evaluation of its biometric functionality is now required,” said SmartMetric President and CEO Chaya. Hendrik.
“As a company, we are very pleased with the supportive relationship we have had with this major credit card network and are excited to move to the last step of getting our card approved for use in their network,” he said. Chaya Hendrik.
Now that SmartMetric has received approval to ship its card, which is expected to be the final step in the network’s approval process, the company can now complete production of its card. So far, there has been a lot of debate about which EMV payment chip we could use on our card, but thankfully this has now been resolved, giving us the ability to complete our production in line with the credit card network.
All SmartMetric components are already on the electronics assembler and in a couple of weeks our card will be submitted for final testing. This test is intended to test the card body itself, which is separate from its biometric electronic function. The last and fastest process that at the end of the day will allow SmartMetric to release the final approved card to issuing banks around the world.
The SmartMetric Biometric Embedded Security System uses cardholder fingerprint biometrics to identify the cardholder and enable the card when it is inserted into a card reader or ATM. The sensor is at the top of the card and the user simply touches it when they reach out to insert the card into the reader. In less than a second, the cardholder’s fingerprint is scanned and matched against the fingerprint previously stored on the card, which in turn activates the card for a transaction.
SmartMetric is the only U.S.-based biometric credit card company and has the current manufacturing facility to supply more than one million cards per month to U.S. card-issuing banks.
The SmartMetric biometric card targets the multi-billion dollar existing chip-based credit and debit card market. Numbers published by EMVCo show that by the end of 2020, 10.8 billion EMV® chip cards were issued by financial institutions and were in global circulation – a significant increase of nearly 1 billion credit and debit EMVs.® cards compared to the previous twelve months.
To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card Video. To view the company’s website: www.smartmetric.com
10 Billion and Growing: What Latest EMV® Chip Data Means for Global Payments – EMVCo
Please note: EMV is a registered trademark of EMVCo.
Safe Harbor Statement: Forward-looking statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements also comply with the meaning of that term in section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied in these forward-looking statements. In some cases, you may identify forward-looking statements using words such as “may”, “could”, “expect”, “intend”, “plan”, “strive”, “foresee”, “believe”, “estimate” , “predict”, “potentially”, “continue”, “probably”, “will”, “will be” and variants of these terms and similar expressions or the negation of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions which, while we and our management believe are reasonable, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, our lack of access to the capital necessary to finance current operations or realize our growth plans; changes in the competitive environment in our industry and in the markets in which we operate; our ability to access capital markets; and other risks discussed in the Company’s filings with the US Securities and Exchange Commission, including our Form 10-K Annual Report, which is available from the SEC. We caution you not to place undue reliance on any forward-looking statements made as of the date of this press release. We undertake no obligation to publicly update any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting the forward-looking statements, except as required by applicable law. If we update one or more forward-looking statements, it should not be assumed that we will be making further updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and review each of SmartMetric Inc. public filings. to the SEC, including, but not limited to, where applicable, Form 10-K Annual Reports, Proxy Statements, Form 8-K Current Reports, and Form 10-Q Quarterly Reports.
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