EMVCo, a consortium of financial companies, has announced that more than 8.2 billion chip cards with EMV chips are now in use globally.
The adoption rate between non-chip-based card and chip-based cards is now more than 75%. As a result, more than 75% of all credit and debit cards around the world are now using the EMV Chip. SmartMetric, a US-based technology provider, has decided to take advantage of these statistics and has embedded its fingerprint biometric scanner that sits inside the credit card.
This scanner comes to life when the card user touches the surface of the card and then the internal fingerprint scanner scans and matches the user’s fingerprint in less than a quarter of a second. Upon a match, the card's EMV chip is turned on allowing the card to perform a standard credit or debit card transaction.
The company is preparing to have its card presented to card issuing banks around the world with an EMV Chip that will operate with the bank's existing backend systems, card readers, and ATMs.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.