Smart Card On The Money

    February 16, 2007

SmartMetric, Inc a developer and manufacturer of advanced secure identity and transaction solutions has developed software that works with its biometric fingerprint card that allows a person to send money over the Internet from one card to another.

President and CEO of SmartMetric, Colin Hendrick said the peer-to-peer funds transfer or card-to-card money exchange will change the way money is handled. He went on to say that the fingerprint-activated card has the potential to revolutionize the way money is transmitted.

The card itself is the size of a regular credit card with an embedded fingerprint sensor and a surface mounted smart chip. It is able to verify the receiver of the cash. The receiver of the cash must connect their card to the USB port of the computer and touch the fingerprint sensor on the card. The sender of the cash is then electronically notified that the cash has been transmitted.

One drawback to this technology is that both parties must have the fingerprint card in order for transactions to take place.

The software is designed to allow the sender to contact their bank and transfer funds from an account directly onto the card over the Internet. The receiver of the cash can take their card to an ATM and convert it into money.

Only the person who owns the card can access the money. It has taken SmartMetric over seven years to develop the card. When the fingerprint reading strip on the surface of the card is touched the card is able to identify a valid user.

This sounds like it will be a convenient way to transfer money and it will be interesting to see if the technology will be widely adopted.
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