- 10 October, 2016
Advance in technology is amazing people day in day out. The possibilities of what we can do with technology are endless, and most of them are fun. The kind of technology that will set things apart is the biometrics credit cards technology. For so long, this has been a thing of the future but things are about to change and that future is now.
Most of the credit card users today are very insecure with their cards. 47% of credit card users today have complained about some form of credit card fraud in the past five years or so. This has created an urge among the financial technology developers to create credit cards that will bring down the number of credit card fraud or have a way to tackle credit card fraudsters. This can only be achieved using technology and that time is coming soon, even sooner than most of you think.
Chaya Hendrick the CEO SmartMetric which is a manufacturer of biometric, fingerprint-based credit cards says that the need of a biometric credit card has never been this clear. It has dawned on everyone that this might be the best way to tackle credit card fraud. SmartMetric has spent more than a decade researching and trying to develop a fingerprint reader inside a credit card. It is clear that biometric cards will be a big leap in advance of credit card security. It will also be the most significant advance in credit card security since the invention of the credit card.
SmartMetric has released its first biometric credit card at the Smart Card Alliance Payments Forum in Orlando, and it is currently in talks with banks around the world to issue them to customers.
The technology inside the card relies on a super thin internally developed and fully functioning fingerprint reader. This biometric reader is used to turn the card’s surface chip on after a successful fingerprint match before inserting the card into the ATM’s card reader. According to SmartMetric, the card technology will work with the chip-based payment cards.
However, there are a few things here and there that the credit card companies are looking at the effectiveness of the card and also the costs associated with it. But whatever they come down to, this will not stop the issue of fingerprint-based credit cards hitting the market soon whether we like it or not.