SmartMetric files patent infringement suit against Visa, MasterCard

theflyonthewall.com

SmartMetric (SMME) is suing both giant payment card companies, Visa (V) and MasterCard (MA) for Patent infringement involving the use of EMV cards in the United States. The SmartMetric patent infringement law suit against the payment cards companies was filed over 3 years ago with a hearing now scheduled in the Federal Circuit Court for August 8th. In its motions before the court SmartMetric is asking the court to find that Visa Inc. and MasterCard International are infringing the SmartMetric patent and that SmartMetric should be awarded a percentage of the economic benefit and value that flows from using the SmartMetric claimed and patented technology. The amount calculated by SmartMetric in earlier court filings is $13.4B. The SmartMetric makes fingerprint activated credit and debit cards that use biometrics to defend consumers and banks alike from fraud. The company has added a fingerprint scanner built inside EMV payment credit and debit chip cards and uses a person's fingerprint stored inside the card to activate the cards chip following a scan and match on the card. Thereby creating a second secure layer biometric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the World.