NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME) is happy to announce that it has been in a position to deal with a compliance change required by the worldwide funds community the corporate is working with for the worldwide launch of its biometric bank card.

There are 4 massive international funds networks with two of those 4 accounting for the overwhelming majority of worldwide bank card transactions. The funds networks are the interconnect medium that connects bank card readers in shops and fuel pumps in addition to ATMs. For clarification these funds networks don’t problem playing cards themselves however do have their respective model names on the bank cards which might be issued by banks and card issuing establishments.

All bank cards that function over the funds networks have to be accepted of by the funds community earlier than a financial institution is ready to problem the bank card to its clients.

The 2 largest bank card funds networks are Visa and MasterCard. Card issuers and card producers should achieve permission from the cardboard funds networks previous to a card being manufactured after which issued to the general public for the cardboard to function over both of those corporations’ funds networks.

SmartMetric has been working with one of many largest international funds networks in an effort to have its biometric card meet the community’s licensing and useful necessities in order that its biometric card can then be utilized by card issuing banks all over the world.

Some of the latest points that SmartMetric confronted was the necessity to change its EMV chip utilized in its card. The licensing and approving community required that SmartMetric undertake a special EMV bank card chip for its product approval. The EMV chip is the bank card chip is the sq. chip discovered on the highest floor of what’s referred to as chip bank cards. As an apart, there are greater than 10 billion¹ chip playing cards issued globally.

The required change of our EMV chip created a provide chain problem for the reason that acquisition of a substitute was being quoted for supply into mid to late 2023. Fortunately for SmartMetric, our provider is now quoting roughly 10 weeks for provide of this vital element for our biometric bank card. Identical to different areas of the electronics elements world, bank card funds chips are in big demand and have lengthy lead occasions for provide.

Whereas nobody is happy to undergo provide chain delays we’re extraordinarily happy with our supportive chip provider and are excited with us transferring ever nearer to the discharge of our funds network-conforming new biometric bank card, stated at this time SmartMetric’s President and CEO, Chaya Hendrick.

Bringing a brand-new sort of bank card into existence that meets the approval and licensing necessities of the bank card business isn’t any small feat. Nonetheless, we’re excited with the unimaginable prospects for the corporate as we transfer ahead with our wonderful subsequent era bank card with in-built biometric fingerprint safety, stated Chaya Hendrick.

SmartMetric’s Biometric card addresses the multibillion present chip-based credit score and debit card market. Figures printed by EMVCo reveal that by yr finish of 2020, 10.Eight billion EMV^® chip playing cards have been issued by monetary establishments and have been in international circulation – a large improve of practically 1 billion credit score and debit EMV^® playing cards in comparison with the earlier twelve months.

To view the SmartMetric Biometric Card please observe this hyperlink – Video of the SmartMetric Biometric Card. To view the corporate web site: www.smartmetric.com

SOURCES:

¹ 10 Billion and Counting: What the Newest EMV® Chip Information Means for World Funds – EMVCo

EMV is a registered trademark of EMVCo

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