NEW YORK, NY — (Marketwired) — 05/01/15 — SmartMetric, Inc. (OTCQB: SMME) SmartMetric announces that it is now purchasing electronic components for its first mass production manufacturing of advanced security biometrics payments card powered by the SmartMetricSmart metric in card miniature biometric fingerprint scanner.
Using the power of biometrics, SmartMetric has been able to achieve an amazing level of electronics miniaturisation, having built a complete finger print scanner with a power management system, rechargeable battery and Gigabytes of memory that fits inside a standard credit or debit card.
The biometric security solution has taken over a decade of Research & Development with the physical size and complexity of components being the biggest hurdle. The company has also had to develop its own operating system to power the cards internal Cortex processor. The processor is similar to the processor used in today–s mobile phones.
SmartMetric expects to scale up production as it rolls out its new biometric solution product with first production going to financial institutions for trial and testing. The card uses a card operator–s fingerprint biometrics in order to verify the card user and then activates the card–s surface EMV Chip. EMV chip cards are now being issued throughout the United States by major financial institutions with a stated 2.6 billion EMV chip cards in use currently globally.
The company is excited to be able to announce this major development that follows a recent round of private equity funding that has enabled the company to move forward into production. “The funding was placed with private investors in exchange for common stock equity and a warrant on a 1-for-1 basis,” said the company President, Chaya Hendrick.
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