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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."

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