Credit Card News: Technology

Selected cards: 0
Compare
Advertising Disclosure
Biometric Credit Cards Primed To Take Off Over Next Five Years
3 Jan
The way you pay for a purchase with your credit card may be very different in five years than it is now. That's because biometric cards - credit cards that scan your fingerprint to prevent fraud or theft - are forecast to flood the market by 2023.

SmartMetric, Inc., which develops and manufactures biometric credit and debit cards, has been researching how to miniaturize a fully functional fingerprint scanner for over a decade. The resulting product is less than a quarter the thickness of a standard credit card, and promises to offer a new industry standard in credit card technology and payment security.

According to London - based research firm Goode Intelligence, the market for biometric debit and credit cards will reach nearly 579 million cards worldwide over the next five years. SmartMetric's president and CEO, Chaya Hendrick, says the report is good news for her company. "We welcome this research report, as it clearly shows the enormous size of the market for our biometric credit/debit card," says Hendrick.

Market could be even bigger than anticipated



Looking at further data, it's even conceivable that there will be even more demand than some expect. "Based on our own contracted research conducted by an independent consumer research company that shows up to 70 percent of existing credit card users are prepared to pay for a premium biometric secured credit card, it is possible that this projection of half a billion cards being biometric cards is in fact an underestimation," says Hendrick.

Anyone who has experienced payment card theft or fraud knows how distressing and time-consuming it can be to freeze their account, contact creditors and banks, and go through all the steps necessary to recover losses. For this reason, consumers may well be willing to pay a premium for a secure credit card that is linked to their fingerprint. "Our cards are arguably the most advanced in that they allow for usage across all reader types, such as ATMs and retail store readers," Hendrick explains. "[They] stand a good chance of being the leading card adopted by banks around the world."

Read Also Related News

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Visa® with Cash Back Rewards
Apply Online
Qualified applicants will enjoy benefits including 1% cash back rewards on all purchases, no annual fee, and a competitive APR. Terms apply
The Bank of Missouri: Milestone® Mastercard® with Free Choice of Card Image
Apply Online
Applying is quick and easy with our fast decision process
Horizon Card Services: Horizon Gold
Apply Online
Instant $500 Credit Line. No Credit Check.
Credit One Bank®: Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
Travel
Security
Shopping
Technology
  • 7 Feb

    Say farewell to Marriott Rewards, The Ritz-Carlton Rewards, and Starwood Preferred Guest programs––and say hello to Marriott Bonvoy.

    The newly minted Marriott Bonvoy loyalty program will offer a single portfolio to guests who utilize all three programs. It will...

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare