These renowned global payment giants have chosen to incorporate biometric recognition into their credit cards, underlining the growing importance of innovative FinTech solutions in enhancing payment security.
The partnership was triggered by the increased need for secure, user-friendly and efficient credit card technology. With the relentless progress of digitisation, the adoption of disruptive technologies like biometrics is deemed crucial to ensure a secure transaction environment.
SmartMetric has carved out a niche in the FinTech landscape with its unique focus on biometric credit card technology. Over the years, it has dedicated significant resources into creating the world’s most advanced biometric credit cards. These cards are equipped with internal rechargeable batteries, empowering users with “anywhere, anytime” access.
On the other hand, Visa and MasterCard are among the world’s leading payment networks, providing consumers and businesses with a seamless and secure medium for transactions. Their decision to adopt SmartMetric’s technology reflects their commitment to improving payment security.
The biometric credit cards offer an unmatched level of security, boasting hardware-based detection of a live finger to guard against counterfeit fingerprint replicas. However, other less advanced biometric cards undergoing trials in Europe aren’t self-powered, giving SmartMetric an edge. Non-powered biometric cards are incompatible with several gas stations, ATMs, and restaurants that process credit card charging remotely.
SmartMetric’s President and CEO, Chaya Hendrick said, “SmartMetric is the original developer of biometric credit cards and having spent literally years and millions of dollars in R&D to reduce the size of biometric electronics to fit inside a credit card, finds that it has created the most advanced and user-friendly biometric credit card in the world.”
Recent market research reveals a surge in credit card usage, with 84% of U.S. adults having a credit card in 2021. The study also highlighted that 70% of current credit card users are willing to pay $70.00 for a biometric secured credit card, primarily driven by the need for enhanced security.
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