NEW YORK, NY — (Marketwired) — 07/10/15 — SmartMetric, Inc. (OTCQB: SMME) — SmartMetric says the recent research conducted by Gallup Research shows that mobile wallets are failing in gaining mass market usage as an alternative payments platform to that of credit and debit cards. The recent research shows that only 13% of mobile phones have an installed payments digital wallet digital on their device. These means the vast majority, in fact 87% of mobile phones don–t have any type of digital wallet installed.
Of the only 13% of phones that do have a digital wallet, 76% of this small number have never or almost never used it to make a purchase from a retailer in the past 30 days according to the research by Gallup.
The primary reasons why consumers don–t use digital wallets on their mobile phones according to the report are:
55% – Security concerns (hacking, losing phone)
21% – Don–t know enough about digital wallets to make a decision
14% – Don–t see any benefit of using a digital wallet over credit cards
5% – Don–t think mobile digital wallets are accepted at enough places
The single largest impediment stopping the embracement of digital wallet payments on mobile phones are concerns over security. In particular the fear of losing their phone or having it hacked. It seems like the majority of phone owners are more rational about the dangers of mobile phone payments than many who have been pushing this technology over the past years. And when it comes to dealing with their money consumers are very hesitant to use something that is inherently untrustworthy as a mobile phone said today SmartMetric–s President & CEO, Chaya Hendrick.
SmartMetric provides enhanced security to credit and debit cards by adding biometrics as an additional powerful security feature on payments cards. A person–s fingerprint is used to validate the card user–s card and to turn on the card before the card is inserted into an ATM or store card reader, said SmartMetric–s President.
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.
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