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.
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