The ubiquitous PIN pad at every checkout where you need to touch buttons to enter your PIN code has become a virus spreading touchpoint. As a consumer goes to enter their PIN number on the PIN pad at the checkout a hesitation happens as they realize they are touching something that any number of consumers have touched during the course of just the past hour. Having no other option the consumer touches the PIN pad and if they are lucky to reach immediately for a hand sanitizer. However, most don't because simply there is none provided at the checkout.
PIN pads have overnight become a virus spreading touchpoint that many consumers have an aversion to in this ever-changing world. However, there is a safer way and it is already being rolled out around the world. The touchless "contactless" card reader. Instead of swiping and touching a card reader, the consumer simply waves their contactless equipped card within an inch or two of the card reader, and instantly their card information is read by the machine. No touching. No swiping. A simple wave of the card in proximity to the card reader and the credit or debit card transaction is done.
Contactless credit and debit card transactions however have a singular issue. They are intrinsically less secure with no authorization such as a PIN number used to verify the authentication of the card user. This is why credit card issuers have limited the dollar spend amount through the use of contactless credit cards. Making the contactless credit card unusable for such everyday things as a large grocery shopping for a regular family.
SMME has an elegant and effective solution to the insecurity of the touchless and contactless credit card transaction. By adding a biometric fingerprint scanner inside the credit/debit card that scans the card user's fingerprint as they reach across to wave their card over the card reader at checkout, the company has successfully solved the security issue of contactless cards. A
"We see consumer behavior being forever changed with consumers still wanting to reach for their card to make a payment but not wanting to touch PIN pads and readers at the checkout," said today
The
Using biometrics that is built into the card delivers a quantum leap in card security while now making contactless card payments even safer than the standard credit card. This means that banks can now rethink the transaction dollar amount limit now in place on contactless credit and debit cards. With a card that can now only be used by the person, the card is issued too, contactless "no PIN pad touch" transactions can be safely used by the consumer while mitigating card fraud for the banks.
The global contactless credit/debit card payment market size is expected to grow from
SMME is ready to move aggressively forward in making available its new card to credit and debit card issuing banks around the world, in association with its global banking partners.
SMME is a
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