SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

March 10, 2011 09:45 ET

SmartMetric to Benefit From the Move by Banks to Adopt Smartcards

Emerging Markets Banks Turning to Chip-Based Cards; SmartMetric Biometric SmartCards Take Existing SmartCard Security for the Banking Industry to the Next Generation

BUENOS AIRES, ARGENTINA--(Marketwire - March 10, 2011) - SmartMetric Inc. CEO & President C. Hendrick said today that SmartMetric is poised to become the dominant player globally in introducing the next generation Banking SmartCard with its advanced security Finger Print activated SmartCard for Bank Cards and Credit Cards. Simply, the chip on SmartCards in the SmartMetric Biometric card is not activated and will not work until the user touches a small sensor on the card's surface and a fingerprint match is made with the pre-stored user's fingerprint. The person is the key that turns on the SmartCard. 

The U.S.A. based company SmartMetric Inc. is readying its mass production facility for Global production in Buenos Aires, Argentina with initial production capacity to be 5 million cards a week. The Company President, C. Hendrick, said the company will need to expand this production capacity within the first 12 to 18 months to meet the anticipated demand for its fingerprint activated SmartCard. 

The company is planning to bring its Global manufacturing facility online by August of this year the Company President said. 

EMERGING MARKETS ADOPTING SMARTCARDS FOR ADDED SECURITY:

Smartcards, or as some refer to them as Chip Cards or Data Cards, are being adopted by Banks Globally with emerging markets aggressively adopting Credit Cards and Bank Cards with Chips. Markets such as Brazil have adopted Smartcards with an estimated 100 Million cards having already been issued. Now India is adopting Smartcards in the Banking industry which potentially will dwarf all other markets globally.

Anjana Chandramouly stated in Hindu Business Line, Bangalore, Sept. 22, 2010 the following: "In what could be the next big revolution in the banking space, banks in India, which now issue credit and debit cards with magnetic stripes, are trying to move towards chip-based payment cards. A smart card would not only accentuate greater security, but could also become a multifunctional card. In fact, banks have started pilots already, and mass roll-out would happen in 2011-12," said a source in Venture Infotek. Confirming the trend, Mr. Ratnakar Hegde, Executive Director, Oriental Bank of Commerce, told Business Line that the banking industry was moving to chip-based cards, because they have "in-built processing capabilities with storage. With the introduction of smart cards, it will become much more difficult to copy details. Besides, these cards have a longer shelf life -- a minimum of five years."

About SmartMetric, Inc.

SmartMetric, Inc. has developed a portable biometric identity and transaction card capable of storing a wide variety of personal information while protecting you against identity theft and fraud. It is one of the most advanced portable identity authentication solutions in the world today. The card contains a biometric fingerprint scanner and reader which only you can unlock and is smaller and thinner than a credit card. The SmartMetric card is ideal for a wide range of consumers, including Personal, Government and Corporate.

For more information please visit us at www.smartmetric.com

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.

Contact Information

  • Company Contact:
    C. Hendrick
    President & CEO
    SmartMetric
    Email Contact
    +1.305.607.3910

    Investor Contact:
    Constellation Asset Advisors, Inc.
    (415) 524-8500