SmartMetric, Inc. (OTCQB: SMME): The introduction of a unique and novel new card into the credit card world is a complex process requiring approvals for the product to be able to operate over a global payments network that interconnects with in store card readers and ATMs for credit and debit cards.
SmartMetric is dealing with one of the largest of the top three global payments networks on moving the SmartMetric through their approval process. This has understandably been a long process as our card with its built inside-the-card biometric fingerprint scanning function is beyond the normal cards that are approved by the network for card manufacturers.
“We are pleased to say that we are now in the final process where our card only now needs to be tested as to the card body itself and now does not require any further assessment on its biometric functionality," said SmartMetric’s President and CEO, Chaya Hendrick.
“As a company, we could not be more pleased with the supportive dealings we have had with this major credit card network and are excited to be moving forward to the last stage for our card to obtain approval for its use on their network," said Chaya Hendrick.
Now that SmartMetric has been cleared to submit its card in what is expected to be the final step in its network approvals process, the company is now able to complete its card production. Up until now there was a lot of back and forth on what EMV payments chip we could use on our card but thankfully that has now been resolved which gives us the ability to finish off our manufacturing in compliance with the credit card network.
SmartMetric has all of its components now at its electronics assembler and will within a couple of weeks be moving forward with presentation of our card for final testing. This testing is for testing of the card body itself which is separate from its biometric electronic function. The last and quick process that will at the end of the day allow SmartMetric to provide its finally approved card to card issuing banks around the world.
The SmartMetric biometric in-the-card security uses a card holder's fingerprint biometrics to identify the card user and turn on the card as it is being inserted into a card reader or ATM. A sensor is on the top of the card and is simply touched by the user as they reach across to insert their card in a reader. In less than a second the card holders’ fingerprint is scanned and matched with their pre-stored in the card fingerprint which in turn activates the card for a transaction.
SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months.
Please Note: EMV is a registered trademark of EMVCo
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