SmartMetric, Inc., based in Florida, has teamed up with Visa and Mastercard to globally implement the use of biometric credit cards to their respective payment networks.
“SmartMetric is the original developer of biometric credit cards and having spent literally years and millions of dollars in R&D to reduce the size of biometric electronics to fit inside a credit card, finds that it has created the most advanced and user-friendly biometric credit card in the world," SmartMetric’s President and CEO, Chaya Hendrick said.
The company’s biometric credit card design has an internal rechargeable battery used for fingerprint scanning of the card user. The technology can be used anywhere. The method is likely to see increased adoption as banks and consumers seek advanced security through the use of credit cards with inbuilt biometrics.
SmartMetric claims an advantage over its competitors by being a self-powered biometric card.
According to Transunion, approximately 166 million credit card users were recorded in Q4 2022, including a large portion of new card accounts.
Over the past year, 47.5% of the population established a minimum of one new account, bringing the total sum to more than 518 million by the end of 2022 in the United States.
Approximately 84% of U.S. adults used a credit card in 2021, while 73% of Americans have a credit card by age 25, making credit cards the most common use of credit for young adults.
Market research has consistently indicated that 70% of current credit card users are willing to pay $70.00 for a biometric secured credit card. “The single largest motivation is wanting to feel more secure.”
“The advanced SmartMetric biometric card has many other features, not least is its hardware-based detection of a live finger,” the press release continues. “This provides the card with added security against fake fingerprint replicas, making the SmartMetric biometric card the most secure card developed.”