US-based biometric software company SmartMetric has entered into a manufacturing agreement with ServiRed to create and launch a biometric fingerprint-activated credit card.
The new card has been incorporated with the Advantis EMV Chip and operating system.
Advantis is an issuing technology based on the Europay, Mastercard, and Visa (EMV) standards, providing the entire infrastructure necessary for payments processing.
It works with more than 500 banks globally and has so far issued over 1.4 billion cards.
Advantis also issued its chip and operating system to clients like HSBC, Santander, BBVA and others.
According to a study, biometric payment cards remove the need for the use of a four-digit PIN to conduct transactions.
This allows frictionless payments and adds an additional layer of security for high-value transactions.
ServiRed and Spanish payments processer Redsys jointly own the Advantis business unit, although they operate separately.
ServiRed is a Spanish card payment scheme, which has 44 million cards in circulation, 1.1 million merchants and nearly 32,421 ATMs.
ServiRed employs 100 people, of which, 67 are the shareholders in the company.
The original licensing agreement between SmartMetric and ServiRed to make a biometric credit card using Advantis technology is assigned to Redsys as its legal owner.
RedSys acquired ServiRed in January 2019 and is said to be the developer of the Advantis chip operating system.