NEW YORK, NY — (Marketwired) — 10/20/14 — SmartMetric, Inc. (OTCQB: SMME) — It is a simple equation. Will a payment system that has less than 2% of point of sale readers capable of reading a mobile device displace an existing system that has nearly a 100% point of sale footprint. Simply put the existing payments infrastructure is built around cards so much so that the average mall shopper wouldn–t leave home without their piece of plastic. And until every mall retailer changes their point of sale equipment plastic will remain the dominant payments platform according to SmartMetric, Inc. President & CEO Chaya Hendrick.
While SmartMetric doesn–t see Apple pay for instance being a competitive threat to its in-card fingerprint reader that is built around standard plastic chip card technology, it welcomes the adoption of biometrics in the payments space said the SmartMetric President.
It is reported that there are more than 1.65 billion chip cards in circulation around the World with an expected 70% of plastic cards becoming chip cards by the end of 2015 in the United States.
SmartMetric has developed a safer payments card that uses a person–s biometrics (fingerprint) to turn on the card before it can be used. Tying the card to the card owner by the use of biometrics will aid in combating the current tidal wave of credit card fraud said the President and CEO of SmartMetric Chaya Hendrick. Having a credit card that has a miniature fingerprint reader inside that in turn scans a person–s fingerprint and matches it with the card owners fingerprint stored inside the card to turn on the card, is a monumental increase in payment card defences. It also provides the use of a biometric credential, In this case the persons fingerprint, that never travels across networks or leaves the consumers card said SmartMetric–s President.
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.
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