President & CEO of SmartMetric, Inc. C. Hendrick, said that the company’s advanced integration of a fingerprint scanner inside a SmartCard provides the company with a technological platform that when combined with the credit card industry standard EMV application allows for the next generation of Banking and Credit Cards to be Biometric Fingerprint activated Cards. Thereby introducing a higher level of security then what is available to date on Credit and ATM Cards.
EMV is a global standard for credit and debit payment cards based on chip card technology. As of the end-2010, there were more than 1.24 billion EMV compliant chip-based payment cards in use Worldwide with more than 15.4 million EMV terminals around the World according to information on the EMV Co(1)(2)(3)(4) website.
Often referred to as “chip and pin” cards used in the Banking Industry, an EMV standard ATM Card or Credit Card is a SmartCard the size of a standard credit card with a surface mounted chip that is read by an EMV compliant reader along with input of a user’s pin number. Creating the often used term in the Banking industry across Europe and other parts of the World as, “Chip & Pin Bank Cards.”
SmartMetric has overcome the least secure aspect of the Chip & Pin cards in its reliance on the least secure aspect, namely the use of a “PIN” with the advanced security of Biometrics.
The next Generation of the 1.24 Billion issued “Chip & Pin” Banking Cards is the SmartMetric Fingerprint Card that uses the same chip and works with the 15.4 million existing terminals around the world but replaces the least secure Pin with the most secure technology namely Fingerprint Biometrics.
SmartMetric plans on launching its Banking Industry Fingerprint Activated Card technology in the First Quarter of 2012 after the completion of its mass production manufacturing facility in Latin America.
(1) http://www.emvco.com/ – (2) About EMV – EMV(R) is a global standard for credit and debit payment cards based on chip card technology. As of end-2010, there were more than 1.24 billion EMV compliant chip-based payment cards in use worldwide. (3) About EMV Co. – EMVCo, owned by American Express, JCB, MasterCard and Visa, manages, maintains and enhances the EMV(R)1 Integrated Circuit Card Specifications to ensure global interoperability of chip-based payment cards with acceptance devices including point of sale terminals and ATMs. (4) EMV is a registered trademark in the U.S. and other countries, and is an unregistered trademark in other countries, owned by EMVCo.
About the SmartMetric:
The SmartMetric, Biometric Card Computer provides powerful computing with large memory capacity in a revolutionary size that has taken more than 10 years of research and development. Using the latest in sub micro technology electronics, the company has achieved a level of miniaturization that allows it to release a solution of portable computing power that combined with SmartMetric’s biometric fingerprint in-card scanning technology, is so revolutionary it will change the way business is done and information is handled across a broad range of industries. For further information please go to the company website: www.smartmetric.com