March 30, 2016 -
SmartMetric reports it is receiving positive reception to its new biometric payment card from card issuers in Europe.
The biometric payment card technology, designed to work with chip or EMV cards, uses a built in fingerprint reader to authenticate a user’s fingerprint to activate the card.
EMV stands for Europay, Mastercard and Visa and uses a chip on the surface of the card to provide better security for credit and debit cards. SmartMetric technology adds biometrics as an extra layer of security on top of the EMV chip to make payments cards even safer. EMV chip cards have been in use in most of the European Union and the United Kingdom for over five years with more than 3.4 billion chip cards now in use globally.
“We see European adoption of our biometric card moving forward faster than the USA given that EMV chip cards have been in use now for a number of years while the United States is still dealing with the roll out of EMV,” said SmartMetric’s President & CEO, Chaya Hendrick. “Although having said that, we are still very pleased with the level of interest now being shown by US based banks who are now talking with us about our biometric cards.”
It is estimated that by the end of 2016 more than 80% of payments cards in use will be EMV chip cards.
SmartMetric is offering its biometric fingerprint activated credit card for $50.00 a card to card issuing banks.
SmartMetric will be presenting its biometric payments card at the Smart Card Alliance Payments Summit in Orlando Florida in April. The Payments Summit covers all things payments including fintech, EMV chip technology, mobile wallets, NFC, contactless and open transit systems.