SmartMetric Seeks $8.4 Billion Credit Card Market Share
SmartMetric, an American company working on biometric credit cards, reported that the value of commercial cards issued in the United States reached $8.46 trillion in 2021, an increase of 25.1%, according to a press release. hurry.
SmartMetric’s services allow the cardholder to touch a sensor on the surface of the card, and in less than a second, their fingerprint is scanned and compared to the fingerprint pre-enrolled in the card.
The release notes that security is important to the company, with fingerprint data not leaving the card “at any time.”
“SmartMetric is the only known fingerprint-enabled biometric card in the credit card industry with a rechargeable battery that allows the card to be used in all card transaction situations, such as ATMs and restaurants that process the card transaction away from the table,” SmartMetric said. President and CEO, Chaya Hendrick.
Read more: Inside the fight for digital driving licenses
PYMNTS wrote that there are more and more examples of biometric identity verification solutions coming out.
The report says that comes from their use with things like smartphones and wearable fitness devices, with around 800 million facial recognition-equipped mobile devices estimated around 2024, according to a 2020 report.
And several US states are considering adopting digital ID for driver’s licenses, due to the benefits of biometric devices. But there were concerns such as incompatibility between state borders that posed problems.
A digital identity tracker PYMNTS explored the latest developments in digital identification, which at the time included digital driver’s license initiatives and biometric credit card solutions, as well as the rise of fake profiles on social networks.
Biometrics have become popular with credit card users, with a Visa study finding that two-thirds of customers surveyed preferred biometric authentication to passwords, due to issues such as security and ease of use. .