IoT or to use its full name, Internet Of Things is a term to describe where “things” in every day use will become connected digitally to networks seamlessly. A great deal of media has been devoted to IoT in everyday things such as clothing. However IoT covers far more than networked sensors in your sneakers or jacket. Wherever you look, things from cars to home appliances to wearables are becoming networked in this network of data collection and interconnectivity. No industry or sector is immune from IoT. Even the banking world will be impacted by IoT in ways not even thought of presently.
SmartMetric sees that the ubiquitous credit and debit card will become an IoT. Network connected with sensors and communication technology that embedded inside payments cards will make them connected devices far more powerful with greater functions than what is today’s pretty dumb pieces of plastic said today SmartMetric’s President & CEO, Chaya Hendrick.
“We are very excited about the future of intelligent payments cards because of the existing contact and contactless card reading (communication) infrastructure enabling us to use this infrastructure for a connected intelligent and immeasurably more secure payments card.
Today we have successfully added to the EMV chip card both contact and NFC contactless technology along with intelligent processing power and substantial memory with the addition of biometric security technology turning the payments card into an intelligent IoT device” said SmartMetric’s President & CEO.
The SmartMetric biometric payments card solution works with existing chip card readers in retail stores and ATMs without the need for additional hardware or systems at the bank. According to EMVco there are 3.4 billion EMV chip cards now issued around the world. The United States is now changing over in excess of 1 billion credit and debit cards to EMV chip cards throughout the country.
To view the company website: www.smartmetric.com.