SmartMetric Biometric Chip Credit Card Addresses the Existing and Growing 1.6 Billion Chip Credit/Debit Cards Issued in the United States
NEW YORK, March 21, 2022–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Is the only US-based biometric card manufacturing company that caters to the existing credit and debit card market which now exceeds more than 1.6 billion of dollars. 1 cards issued.
According to consumer research commissioned by SmartMetric, Inc., nearly 70% of chip-based credit card holders would pay more than $60.00 for a credit card with built-in biometric fingerprint protection technology , such as the one made by SmartMetric. Halving those estimates, it’s conceivable that future sales and revenue for the SmartMetric secure biometric credit/debit card would be over $33 billion in the US market alone.
A 10% adoption rate of more secure biometric credit cards by U.S. consumers would drive over $9 billion in revenue based on consumer research showing what consumers are willing to pay for card security improved biometrics. But if a more pessimistic adoption figure of just 1% is used, the projected revenue on that would be $960 million.
Based on the perceived increase in fraud protection the SmartMetric biometric card brings to card users, research commissioned by SmartMetric shows potential mass user adoption by credit and debit card users in the United States. United only, said SmartMetric President and CEO Chaya Hendrik.
SmartMetric makes no representations as to future earnings or sales based on such market research and analysis.
SmartMetric has invested over $30 million in the development of its fingerprint-enabled credit card and is currently in discussions with major payment networks regarding the use of its cards on their respective global networks.
The US credit card market, while large at 1.6 billion cards and growing, represents only a fraction of the number of all chip cards issued worldwide. However, the United States leads the world in the dollar value of transactions made using credit and debit cards.
The figures published by EMVCo 2 reveal that by the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of nearly a billion EMV credits and debits® charts compared to the previous twelve months.
SmartMetric has licensed patents and patents pending and trade secrets protecting its biometric card technology.
2 The data source: 10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments – EMVCo
EMV is a registered trademark of EMVCo
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