SmartMetric Sees Growing Market for Biometric Credit Cards
SmartMetric, Inc. (OTC: SMME), targeting the expansive U.S. credit card market of 518 million issued cards, anticipates robust demand for biometric-enhanced cards based on recent consumer insights.
“We foresee significant growth ahead for credit and debit cards featuring built-in biometric fingerprint detection and activation, such as our innovative solution,” said Chaya Hendrick, President and CEO of SmartMetric.
The surge in biometric payment cards is driven by consumer familiarity with biometrics for unlocking mobile devices and a strong preference for biometric sensors in payment processes. According to Visa, 86% of consumers are interested in using biometrics for identity verification and payments.
The global biometric payment cards market was valued at USD 74.4 million in 2021 and is projected to reach USD 5.8 billion by 2030, growing at a CAGR of 62.50% (sources: Grand View Research, Straits Research).
SmartMetric’s biometric fingerprint scanning credit card stands out with its unique features, including an integrated rechargeable battery for compatibility with all types of card readers, including contactless and ATMs. The card also incorporates hardware to detect live fingerprints, thwarting attempts with fake prints.
“Our advanced biometric credit card offers unparalleled security and convenience, setting a new standard in fraud prevention for banks and consumers alike,” added Chaya Hendrick.
This technology represents a significant leap forward in payment security, combining years of research and development to create a user-friendly card that allows fingerprint enrollment at home, ensuring privacy and convenience.
Despite the rise of alternative payment methods, credit and debit cards remain dominant in consumer transactions, according to Forbes Advisor.
For more information on industry trends, refer to Forbes Advisor’s latest report on credit card statistics and trends (March 9, 2023).
Source:
- Biometric Payment Cards Market Size Report, 2022 – 2030 (Grand View Research)
- Biometric Payment Cards Market Trends, Share, Size, Growth, Forecast 2030 (Straits Research)
- Credit Card Statistics And Trends 2024 – Forbes Advisor
