SmartMetric sees $5.765 Trillion in Global Biometric Payments by 2026

SmartMetric reveals that global biometric payments to the value of $5.765 trillion will be made annually by 2026.1 The research report goes on to say 'biometrics is now a must-have technology to secure payments across all payment channels.'

The Covid-19 pandemic has brought around serious reservations about using shared PIN-PADs and POS devices in physical locations which has resulted in an acceleration of biometric payment cards even more attractive to consumers.

The impact on touchless contactless payments is obvious. With a biometric contactless card the card user is affirmatively 100 percent identified by their fingerprint biometrics. A non-biometric contactless credit or debit card is inherently insecure. Reports and cases of card data theft from RFID data stealing from the card has made banks restrict the dollar amount per card transaction in order to mitigate the contactless card risk. With a biometric activated card like that made by SmartMetric, the risk of contactless cards for banks is greatly reduced as the card can only work following an on-card biometric fingerprint match.

The SmartMetric biometric credit/debit card has engineered into the card three power sources. A miniature hybrid solid state battery, a power feed from contact readers when the card is inserted into a contact store reader or a regular ATM and the contactless energy harvesting from contactless card readers.