SmartMetric has noted that according to figures released by the chip card industry standards body, EMV Co, more than 8.2 billion chip cards have been issued globally for use in the card payments industry.The United States was one of the last regions in the World to adopt the chip on the card technology but in less than four years it has now surpassed adoption rates of Asia Pacific and given the current adoption trajectory will approach the European adoption rates in the near future.Outside of Asia Pacific the United States will surpass Latin America and Europe in the total numbers of chip cards issued and in use for payments.Given the extraordinary size of the chip card payments market it is little surprise, that according to a recent industry research report it is projected that more than 570 million of these chip cards used for credit and debit transactions will use fingerprint biometrics as an added security feature over the next 4 years.SmartMetric has created a fingerprint scanner that fits inside a credit and debit card and is used to provide biometric protection for these cards.”The rise of biometrics in the credit and debit card industry is happening at the same time that we have advanced the in-the-card biometric technology to the point that our self-powered fingerprint scanner technology fits into a standard credit card industry conforming size allowing the us to be able to provide card issuing banks around the world with our state of the art advanced biometric credit and debit card solution for today's chip cards,” said SmartMetric's President and CEO, Chaya Hendrick.Good Intelligence in a research report on Biometrics said “Biometrics payment cards not only offer improved security by removing the PIN but also allow frictionless payments for higher value transactions (for debit cards). Good Intelligence believes that there is a significant market opportunity for biometric payment cards and forecasts that by 2023 there will be almost 579 million biometric payment cards in use around the world.”
SmartMetric notes usage of 8.2bn biometric cards
