SmartMetric Welcomes the Death of the Magnetic Stripe on Credit and Debit Cards as Chip Based Cards Combined With Biometrics Take Hold
July 15, 2022 (BusinessWire)
SmartMetric, Inc. (OTCQB: SMME): Mastercard has announced that by 2024 card issuers will no longer be required to use magnetic stripes on their credit and debit cards. "Based on the decline in payments powered by magnetic stripes after chip-based payments took hold, newly-issued Mastercard credit and debit cards will not be required to have a stripe starting in 2024 in most markets."
1)
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220715005432/en/
Storing customer credit card information on a magnetic stripe creates another insecure touch point in the credit and debit card transaction data flow ecosystem when using a card to make a payment. Now that chip-based cards that store the card's number, expiration date and card users name amongst other things, the need to use highly vulnerable magnetic stripes has become a dinosaur legacy technology for today's high-tech credit and debit cards according to SmartMetric.
"Combining the secure chip used now on credit and debit cards with a biometric reader inside the card that is used to identify the card user in order to 'turn on the card' makes the next-generation credit card such as what we have created as an incredibly more secure card for use in the payments industry," said today SmartMetric's President and CEO, Chaya Hendrick.
"In fact, our new biometric technology inside the card not only replaces the need for magnetic stripes but replaces the highly vulnerable four-digit PIN that is still used today," said Chaya Hendrick.
"Fingerprint biometrics and the secure payment chip along with the abandonment of insecure card features as the PIN and the magnetic stripe go to providing a massive hardening of the credit and debit card against the ever-menacing fraudsters according to SmartMetric.
SmartMetric's Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo (2) reveal that by year end of 2020, 10.8 billion EMV(R) chip cards have been issued by financial institutions and were in global circulation - a massive increase of nearly 1 billion credit and debit EMV(R) cards compared to the previous twelve months.
To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com
SOURCES:
(1)Goodbye magnetic stripe | Mastercard Newsroom
(2)10 Billion and Counting: What the Latest EMV(R) Chip Data Means for Global Payments - EMVCo
EMV is a registered trademark of EMVCo
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220715005432/en/
SOURCE: SmartMetric, Inc.">
SmartMetric, Inc.
Chaya Hendrick
Tel: (702) 990-3687 or (305) 607-3910
ceo@smartmetric.com
www.smartmetric.com
July 15, 2022 (BusinessWire)
SmartMetric, Inc. (OTCQB: SMME): Mastercard has announced that by 2024 card issuers will no longer be required to use magnetic stripes on their credit and debit cards. "Based on the decline in payments powered by magnetic stripes after chip-based payments took hold, newly-issued Mastercard credit and debit cards will not be required to have a stripe starting in 2024 in most markets."
1) This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220715005432/en/
Storing customer credit card information on a magnetic stripe creates another insecure touch point in the credit and debit card transaction data flow ecosystem when using a card to make a payment. Now that chip-based cards that store the card's number, expiration date and card users name amongst other things, the need to use highly vulnerable magnetic stripes has become a dinosaur legacy technology for today's high-tech credit and debit cards according to SmartMetric.
"Combining the secure chip used now on credit and debit cards with a biometric reader inside the card that is used to identify the card user in order to 'turn on the card' makes the next-generation credit card such as what we have created as an incredibly more secure card for use in the payments industry," said today SmartMetric's President and CEO, Chaya Hendrick.
"In fact, our new biometric technology inside the card not only replaces the need for magnetic stripes but replaces the highly vulnerable four-digit PIN that is still used today," said Chaya Hendrick.
"Fingerprint biometrics and the secure payment chip along with the abandonment of insecure card features as the PIN and the magnetic stripe go to providing a massive hardening of the credit and debit card against the ever-menacing fraudsters according to SmartMetric.
SmartMetric's Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo (2) reveal that by year end of 2020, 10.8 billion EMV(R) chip cards have been issued by financial institutions and were in global circulation - a massive increase of nearly 1 billion credit and debit EMV(R) cards compared to the previous twelve months.
To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com
SOURCES:
(1)Goodbye magnetic stripe | Mastercard Newsroom
(2)10 Billion and Counting: What the Latest EMV(R) Chip Data Means for Global Payments - EMVCo
EMV is a registered trademark of EMVCo
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220715005432/en/
SOURCE: SmartMetric, Inc.">
SmartMetric, Inc.
Chaya Hendrick
Tel: (702) 990-3687 or (305) 607-3910
ceo@smartmetric.com
www.smartmetric.com
