SmartMetric, (PINKSHEETS: SMME) announces that it has successfully developed software that works with its biometric fingerprint card that enables a person to send money over the internet from one card to another.
The Peer to Peer funds transfer or Card to Card money exchange will do to money what Napster file sharing did to music. It will forever change the way money is handled, said the President & CEO of SmartMetric, Colin Hendrick.
Speaking from the company's research and development facility in Surfside, Florida, Hendrick said this technology coupled with the company's SmartMetric fingerprint activated card has the potential to revolutionize the way money is transmitted.
Sending cash over the internet has been the elusive quest of many players but the biggest hurdle to overcome has been the verification process of the receiver. Using a card the size of a credit card with an embedded fingerprint sensor and a surface mounted smart chip the SmartMetric card is able to 100% verify the receiver of the cash. When the receiver connects his or her card to the USB port of the computer and touches the fingerprint sensor on the card the sender of the cash is electronically signaled and within seconds the cash is transmitted to the receiver's card anywhere in the world. It is as easy as taking cash from your wallet and handing it to another person.
The software has been designed to allow the sender to contact his or her bank and transfer funds from a checking or savings account directly onto the card over the internet. Using banking standards for cash storage on a smart chip called EMV, cash is stored on the person's card ready for sending to another person or purchasing for cash items or services over the internet. Interfacing with the ATM networks a receiver of the money transferred to his or her card will be able to take the card to an ATM machine and convert the cash in the card to banknotes.
Safer than cash in your wallet. Only the person who owns the card can access the money in the card. Using technology that has taken SmartMetric more than seven years to develop the card has built into it its own biometric fingerprint reader. The fingerprint reading strip on the surface of the card is touched and in less then a second the card identifies the valid user.