SmartMetric, a US-based publicly traded technology company, has developed a biometric fingerprint reader powered by a rechargeable battery to be used to activate a credit or debit card.
The new chip, which can be fitted inside a credit or debit card, will enable users to use their fingerprints as the key to activate the card instead of relying on numbers and tokens thereby reducing the risk of data theft.
The card security technology developed by SmartMetric will be based on the user validation taking place on the card with no biometric information leaving the card and travelling across networks.
SmartMetric will roll out the biometric cards around the world in the first quarter of 2015.
SmartMetric president and CEO Chaya Hendrick said: "This is a far safer and more secure methodology ensuring a much greater level of security for consumers and banks alike."