SmartMetric study finds consumers willing to pay for biometric credit card
SmartMetric has commissioned new research that finds that 67 percent of credit card holders in the United States are willing to pay $69.95 for a biometric credit card that would provide improved security.
The report also finds that 80 percent of credit card holders are seriously concerned about credit card and identity theft.
The findings support the new SmartMetric biometric credit card, which is build on an EMV chip card that uses a person’s fingerprint to activate the card following a match of fingerprints on the card.
“The consumer’s willingness to pay a premium for a more secure credit card is a game changer in the financial card industry,” said Chaya Hendrick, president and CEO at SmartMetric. “What the research shows is the fear of card fraud is so high that credit card customers are willing to pay close to $70.00 a card for peace of mind and better security. Offering the SmartMetric biometric credit card turns the plastic card from being a cost of doing business for banks into a new consumer product profit center.”
SmartMetric has a mass production biometric card capacity of 1 million cards a month, which it can significantly scale up as demand increases. There are currently over 4 billion chip cards in circulation around the world.
The company has integrated a small square “touch” sensor on the biometric credit card, which is easier to mass manufacture than its previous rectangular “swipe” sensor as well as provides a simple touch and insert function for consumers.
SmartMetric is moving forward with industry testing and approvals for use of its new biometric credit card, allowing banks around the globe to offer the new biometric safer credit card to their customers.
The biometric card scans and matches a person’s fingerprint in less than 0.25 seconds allowing for instant card user validation.
The card does all of the scanning and matching inside the card, eliminating the need for a central online database of fingerprints. This provides users with safer protection of their fingerprint biometrics data while also safeguarding the privacy of card users.
Earlier this month, SmartMetric provided an update on the move to large scale production for its biometric credit card.