SmartMetric, Inc. developer of secured by Biometrics Credit and Identity Cards, announced today that it has secured another $1million in funding from private strategic investors which will go primarily towards purchasing robots for assembly purposes at its global manufacturing plant in Buenos Aries, Argentina.
The company, in the midst of litigation with both Visa and Mastercard over patent infringement of its biometrics technology, needs the robots to install the SmartMetric ?chips? that recognize consumers? fingerprints for security. The investment will finalize SmartMetric’s full-scale manufacturing capabilities of its enhanced fingerprint activated EMV Cards.
“With the recent Appeals Court ruling on the SmartMetric Patent Law Suit against Visa and MasterCard favoring SmartMetric on EMV contact cards, SmartMetric is in a position to corner the market on nearly every EMV credit or debit card issued and to be issued in the U.S. — already $1.5 million — as well as new business opportunities worldwide,” said SmartMetric CEO Chaya Hendrick.
SmartMetric’s solutions combine two advanced technologies into one card, namely smart card chip and Biometrics rather than the less secure “chip and PIN” model. The market size for the SmartMetric “Chip & Biometric” EMV Card is global and growing very rapidly. According to EMVCo, approximately 1.2 billion EMV cards have been issued globally and 18.7 million POS devices accept EMV cards as of the first quarter of 2011. This represents 40.1 percent of the total payment cards in circulation and 71 percent of the POS devices installed globally. EMV Card and terminal deployments confirm EMV as the global payment standard. EMV cards are chip and PIN smart cards.
Biometrics is becoming a common solution for remote transactions and e-commerce. Fingerprint is a very substantial reliable desktop solution, and it is expected that the desktop will become a driver for biometric revenue derived from transactional authentication and product sales.Read More