Agreed....
It is inconceivable that the company would go to this convention or any other negotiation with an inert product. Complete madness in fact.
The fingerprint reader turns the card/EMV chip on as far as I understand it. Completing an actual transaction can ONLY occur when a bank provides it's encoded EMV chip to the card, which in turn requires a bank or other institution to sign on for a commercial trial of some sort and pair the device with it's transaction network. Even without actually withdrawing money from an ATM or buying a pack of cigarettes with the card, ascertaining whether it "works" is very simple. The rest of the transaction process I assume depends on bank/card issuer etc, and is "down stream" from the card itself.
Likewise, it is similarly inconceivable that Visa would subject a non-functioning card to testing on it's VisaNet for compatibility with their payment network. I met someone last week who works in Visa Card marketing and she confirmed the generic process but not in any detail.
At this absolutely crucial stage of the marketing effort, presenting a non-functioning card to the press, card issuers and manufacturers, banks, the whole world in fact, would be commercial suicide. There may well be issues to iron out in coming months, but Smartmetric does not strike me as a company with a death wish. Rather after many years invested, it seems to me to be poised on the threshold of major commercial success.
My only lingering concerns, more out of ignorance than any insight, are firstly that when further capital raising occurs - as it surely must - existing stock holders are not excessively diluted; and secondly, that the battery is up to it. I emphasise that I know absolutely nothing about battery technology, but having seen & held the circuit board (without battery installed), it struck me that the battery will be absolutely wafer-thin. That said, I have every confidence that this has been properly addressed in the R & D phase.
Go you good thing.
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