In the past week, the only biometric card manufacturing firm SmartMetric Inc (OTCMKTS:SMME) has seen its stock make a strong upward move and clocked gains of as much as 7% as a consequence.
Market Action
On Monday, SMME stock fell 1.06% to $0.0093 with 902k shares, compared to its average volume of 1.86 million shares. The stock moved within a range of $0.0080 – 0.0100 after opening trade at $0.0094.
SmartMetric Biometric Chip Credit Card Addresses the Existing and Growing 1.6 Billion Chip Credit/Debit Cards Issued in the United States
The company is mainly involved in the debit card and credit card space, which currently boasts of a card count in excess of 1.6 billion. Hence, it is clear to see that a market opportunity exists for SmartMetric. However, it is perhaps more important for investors to keep in mind that SmartMetric had also conducted its own market research with regards to its target market.
In the market research, the company found that almost 70% of people who use credit cards with chips would be willing to pay in excess of $60 a year for credit cards which offer biometric features.
Features like fingerprint biometric protection technologies seem to be in considerable demand among credit card users at this point in time. Products related to such features are actually manufactured by SmartMetric and hence the findings were positive for the company. At this point in time, it may be a good idea for investors to keep ann eye on the stock.
Key Quote
Based on the perceived increase in anti-fraud protection that the SmartMetric biometric card brings to card users, the SmartMetric commissioned research shows a massive potential user adoption by users of credit and debit cards in the United States alone, said SmartMetric’s President and CEO, Chaya Hendrick.
Traders Note
SMME stock is trading below the 20-Day and 50-Day Moving averages of $0.0107 and $0.0159 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 41.
