NEW YORK--(BUSINESS WIRE)--
SmartMetric, Inc. (OTCQB:SMME), the developer and manufacturer of advanced biometric credit/debit and security cards, says the latest research on the size of the biometric card market for credit and debit cards confirms the significant size of this specialty card market based on the biometric in-the-card technology developed by SmartMetric. The SmartMetric biometric credit/debit and security card uses a miniature fingerprint scanner inside the card that is used to identify and validate the card user and then activate the card based on a match of the card holders' fingerprint biometrics. It has taken SmartMetric over a decade of research and development to miniaturize a fully functional fingerprint scanner that is less than a quarter the thickness of a standard credit card.
Independent research by Goode Intelligence, a London based research company, reports that its latest research on the size of the biometric credit and debit card industry states the market for biometric credit and debit cards will reach close to 579 million issued cards around the world within the next 5 years.
“We welcome this research report as it clearly shows the enormous size of the market for our biometric credit/debit card. Based on our own contracted research conducted by an independent consumer research company that shows up to 70% of existing credit card users are prepared to pay for a premium biometric secured credit card, it is possible that this projection of half a billion cards being biometric cards is in fact an underestimation,” according to SmartMetric’s President and CEO, Chaya Hendrick.
“The market is so large that even a small percentage market share will result in multi millions of our cards being used. Having said that, our cards are arguably the most advanced in that they allow for usage across all reader types such as ATMs and retail store readers, and stand a good chance of being the leading card adopted by banks around the world,” Chaya Hendrick said.
Goode Intelligence said “there is a significant market opportunity for biometric payment cards and we forecast that by 2023 there will be almost 579 million biometric payment cards in use around the world.”
The SmartMetric biometric credit card uses the card holders’ fingerprint to activate the credit or debit card prior to it being inserted into a retailer’s credit card reader or ATM. This allows for a full 100% biometric validation of the card user.
The following are market size and revenue projections and should not be relied upon for investing purposes. These projections are based on current market size estimates and the selling price of the SmartMetric biometric credit card.
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Projected Potential Future Biometric Chip Card Sales: |
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% |
Cards Sold |
Revenue from sales based on a sales price of $50.00 per card |
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| 0.25% | 17,500,000 | $875,000,000 | ||
| 0.5% | 35,000,000 | $1,750,000,000 | ||
| 1% | 70,000,000 | $3,500,000,000 | ||
SmartMetric contracted an independent market research company. Results of the research show that eighty percent (80%) of existing credit card users surveyed said they are concerned about credit card and identity fraud. The same research found that over sixty percent (60%) of the surveyed credit card users would pay $69.95 for a biometric secured credit card from their bank.
The above projected sales earnings are forward looking statements and should not be relied upon for any reason. The stated earnings prospects are estimates only and are not based on other facts other than the size of the existing issued number of already issued chip cards issued by banks. Based on industry released figures, in excess of 7 Billion chip cards have been issued by Banks worldwide.
The biometric in-card technology works with the chips used in credit and debit card chip cards. The company does not believe that all existing chip credit cards will convert across to the biometric chip card. The company is not making a statement one way or another, of what it will or will not achieve in future sales earnings.
“Touch the card's surface and your card knows it is you and then is able to be used to access secure networks as well as giving you access to your secure office floor. Using the same technology inside a chip credit or debit card, the card becomes a biometric secured card providing far more security than standard credit and debit cards that rely on PINs or signatures,” said today SmartMetric’s President & CEO, Chaya Hendrick.
Access management market is estimated to grow from USD 8.09 billion in 2016 to USD 14.82 billion by 2021, at a CAGR of 12.9% between 2016 and 2021 according to a recent research report by KBV Research.
SmartMetric has completed backend system software development for its biometric cyber and building access card. The company is embedding a major international card payments network EMV chip card and will work together in adoption of the new biometric card.
To view the SmartMetric Biometric Card please follow this link - . To view the company website: .
* publication titled Identity & Access Management Market – Global Forecast by Marqual IT Solutions Pvt. Ltd (KBV Research) November 2016 KBV Research is a name owned by IT Solutions Pvt. Ltd.
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
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