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Saturday, December 3, 2022

SmartMetric, Inc. (OTCMKTS: SMME) On the Move as the SmartMetric Biometric Credit Card Enters Final Testing Phase

SmartMetric, Inc. (OTCMKTS: SMME) was up over 40% on Thursday on 23.7 million shares traded as the stock once again makes a move northbound. SMME has been under accumulation ever since the Company announced its product testing with a major global credit card network has been able to be streamlined for what will be expected the last stage in gaining approval. This is big news for the Nevada based Company that makes a biometric fingerprint activated payments card.   

SmartMetric is dealing with one of the largest of the top three global payments networks on moving the SmartMetric through their approval process. This has understandably been a long process as our card with its built inside-the-card biometric fingerprint scanning function is beyond the normal cards that are approved by the network for card manufacturers. SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.  

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SmartMetric, Inc. (OTCMKTS: SMME) is a technology engineering company that has developed miniature electronic systems and software for use in the field of Biometric identification and validation for the payments, security access and identity validation sectors. SmartMetric, Inc. is registered in the State of Nevada. Based in the United States, it has research and development centers in Buenos Aires, Palo Alto and Tel-Aviv. SmartMetric has an issued patent covering technology that involves connection to networks using data cards (smart cards and EMV cards). In addition, SmartMetric holds the sole license to five issued patents covering features of its biometric fingerprint activated cards. SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.

SmartMetric’s founder, Chaya Hendrick is the originator and inventor of various miniature biometric activated cards, including the SmartMetric biometric fingerprint activated payments card with an embedded fully functional fingerprint reader inside the card. The card is the size and thickness of a standard credit card. The SmartMetric biometric payments card provides for high level security for credit and debit cards by adding biometric authentication and activation to Europay, MasterCard and Visa (“EMV”) chip cards in use around the world. The SmartMetric biometric payments card has been manufactured to be totally interoperable with existing EMV chip card readers, ATMs as well as banking payments infrastructure. Using the advanced electronic miniaturization by SmartMetric to make its biometric credit/debit cards the Company has also created a multi-functional biometric building access control and logical network access card. To view a video of the card go here.

The SmartMetric biometric card is protected by issued patents that in the Company’s view would prohibit other biometric card companies from entering, in particular, the United States market. It is our understanding that SmartMetric is the only Biometric Smart Card designed for credit and debit cards that uses a separate secure encrypted processor for storing a person’s fingerprint inside the credit or debit card. Because SmartMetric does not use the smartcard chip, or what is referred to in the credit card industry as the EMV chip, for storing a person’s fingerprint, the SmartMetric biometric card has a number of distinct advantages over the others. 

The SmartMetric biometric card allows for simple and frictionless fingerprint enrollment. Because it is not using the EMV/Smartcard chip to store the fingerprint it does not need a separate reader to capture the person’s fingerprint for storage inside the Biometric card. In the case of credit and debit cards, other companies’ biometric cards need the person to go into a bank branch to have their fingerprint captured and stored into the card using a special fingerprint reader. This is highly inconvenient for the public and of course impracticable in credit card markets such as the United States where the vast majority of new credit cards issued to customers are sent out via the mail. 

Since SmartMetric uses a separate processor and fingerprint storage inside the card for users’ fingerprints, credit card and debit card customers do not need to go into, say, a bank branch to have their fingerprint enrolled and stored inside the biometric card. The SmartMetric solution allows for a simple enrollment of the fingerprint on the card much the same and as easy as one would store fingerprint biometrics onto a mobile phone – no special reader needed. Just like the mobile phone with its built-in fingerprint scanner, the SmartMetric biometric card itself is used for capturing and storing a persons fingerprint. A simple process of touching the sensor a few times, a solid green LED light indicates successful fingerprint enrollment and the new card holder’s fingerprint is forever stored inside the SmartMetric biometric card. 

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SmartMetric has been supported by private investing shareholders during its long product development stage. Over recent times the company received funding from a source via what is commonly referred to as convertible notes. The company has no idea how many shares may or may not have been converted under these prior notes. Recently in the company’s filings it has been disclosed that the company has had four professional investment funds provide a round of funding while at the same time the company registered, via an S1, additional shares. An agreement is in place to provide for up to $5 million in draw down funding via S1 registration with the largest of these funds. 

The company is very thankful for the funding support it has received from its shareholders over the years and is very thankful for the funds who have now provided cash to allow the company to move rapidly forward with the execution of its biometric card business into the market. SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month. 

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months. 

SmartMetric,Inc. | FacebookIn September the Company announced it is dealing with one of the largest of the top three global payments networks on moving the SmartMetric through their approval process. This has understandably been a long process as the card with its built inside-the-card biometric fingerprint scanning function is beyond the normal cards that are approved by the network for card manufacturers. Now that SmartMetric has been cleared to submit its card in what is expected to be the final step in its network approvals process, the company is now able to complete its card production. Up until now there was a lot of back and forth on what EMV payments chip we could use on our card but thankfully that has now been resolved which gives us the ability to finish off our manufacturing in compliance with the credit card network. 

SmartMetric has all of its components now at its electronics assembler and will within a couple of weeks be moving forward with presentation of its card for final testing. This testing is for testing of the card body itself which is separate from its biometric electronic function. The last and quick process that will at the end of the day allow SmartMetric to provide its finally approved card to card issuing banks around the world. 

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months. 

SmartMetric CEO Chaya Hendrick stated: “We are pleased to say that we are now in the final process where our card only now needs to be tested as to the card body itself and now does not require any further assessment on its biometric functionality. As a company, we could not be more pleased with the supportive dealings we have had with this major credit card network and are excited to be moving forward to the last stage for our card to obtain approval for its use on their network.” 

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Currently trading at a $2.3 million market valuation SMME OS is 964,099,033 shares with just 116,872,364 shares in the float according to OTCMarkets. The Company has a decent balance sheet with $2.4 million in liabilities in very little convertible debt on the books left with just 1 note payable for $35k. As we stated the stock has been under accumulation since the Company announced its product testing with a major global credit card network has been able to be streamlined for what will be expected the last stage in gaining approval. This is big news for the Nevada based Company that makes a biometric fingerprint activated payments card and we know they are working with either VISA, Mastercard or American Express. SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month. The CEO and founder Chaya Hendrick has been getting active on twitter where he says the Company has “seriously positive new news to provide.” SMME was trading for $0.046 in February of this year and has a gap to fill from current levels. We will be updating SMME as events unfold so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in SMME either long or short and we have not been compensated for this article.

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