NEW YORK, NY--(Marketwired - September 07, 2016) - SmartMetric, Inc. (OTCQB: SMME) -- Mobile phones fail to put a dent into the credit and debit card market.
Based on reports, such as one published earlier this year in the New York Times (see link below) mobile payments represent only a fraction of the total dollars spent in United States retailers.
According to reports mobile phone transactions represent a mere 0.2% of the $4.35 trillion of USA retail sales leaving credit cards by far the dominant and most favoured payments method amongst consumers.
What is very interesting is that consumers list security concerns and inconvenience as the two biggest reasons they choose not to use their phones for payments. Saying they find using a debit or credit card easier.
"Many in the phone business and Silicon Valley must be tearing their hair out with the obstinacy of consumers in not wanting to change their buying habits. Especially after they have spent 100's of millions in betting on mobile payments replacing credit cards and now seeing their collective efforts fail," said today SmartMetric's President & CEO, Chaya Hendrick.
"Cards remain the preferred water to buy things and this is why we as a company, have devoted so much time and effort into adding biometric fingerprint scan technology for improved security," said Chaya Hendrick.
SmartMetric is the creator of the in-the-card fingerprint scanner for chip credit cards. It uses a SmartMetric developed miniature and super thin fully functional fingerprint reader that sits inside the credit card. The biometric reader is used to turn on the card's surface chip following a fingerprint match and prior to being inserted into card readers or ATM's.
The SmartMetric solution overlays biometric protection on top of the new chip card technology now being issued across the United States. There are now more than 4.8 billion chip payments cards issued globally.
New York Times article link: http://www.nytimes.com/2016/04/07/business/dealbook/why-we-are-still-reaching-for-wallets-not-phones-at-the-checkout.html?_r=0
View a video of the SmartMetric biometric chip card follow this link:
SmartMetric Biometric Payments Card --https://youtu.be/zSX59uHoHqU
To view the company website: www.smartmetric.com
*research figures from ACI Worldwide research report as published by Business Intelligence, July 2016
Safe Harbor Statement: Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. 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. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.