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Security a Major Issue for Mobile Payments by Smart Phone Users

NEW YORK, NY — (Marketwired) — 10/24/14 — SmartMetric, Inc. (OTCQB: SMME) According to a just-published USA consumer survey by Phoenix Marketing International*, the use of NFC in mobile phones is still facing an uphill battle to obtain market acceptance amongst phone users and will still very much remain a fringe payments platform in comparison to plastic payment cards.

Some of the highlights of the consumer survey are:

Despite industry efforts to communicate the security of NFC transactions, by a two-one margin, consumers give lower security ratings to an NFC transaction than a magnetic strip card transaction. NFC is the communication standard used in mobile payments and means Near Field Communications.

Among Apple Pay* users, 38% reported transaction problems at the point-of-sale. 64% of those with an installed app who haven–t used it have contacted customer service or technical support and a quarter of this group came away from the call still not knowing what to do.

As a result of security breaches, 51% of smartphone owners have become more worried about how much of their personal information is in the hands of merchants.

There are currently only 9-million smartphone households that have used a smartphone payment app.

While mobile phone payments will enjoy use by a niche group of consumers, plastic credit cards do and will continue to dominate the payments landscape according to the President & CEO of Smartmetric, Chaya Hendrick. SmartMetric is focused on making the plastic payments card more secure by adding biometrics to the new EMV chip cards that are now being issued in the United States and enjoy mass adoption throughout the world with more than 1.6 billion chip cards already issued. It is estimated that within the USA more than 1 billion additional chip cards will be issued based on a recent survey of major USA banks that says more than 70% of credit and debit cards in the United States will be chip cards by the end of 2015.

Phoenix Marketing International releases findings from a large-scale consumer survey on Apple Pay and currently marketed payment apps. About 2,700 smartphone owners were interviewed online as part of total sample of over 4,000 household financial decision makers that provided insights on the consumer payments market in general

Apple Pay is a trade or service mark of Apple Inc.

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.

EraStar, Inc.
Office (702) 480-9800

Chaya Hendrick
Office: 702-990-3687

Posted by on 24. October 2014. Filed under Internet, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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