NEW YORK, NY--(Marketwired - Jul 3, 2014) - SmartMetric, Inc. (
The EMV chip is now on more than 90% of all credit cards issued in Europe.
The SmartMetric technology has an embedded fingerprint reader inside the credit card with a person's fingerprint used to turn on the EMV chip that is then used to make a transaction. Without a successful fingerprint match with the card user the cards chip will not work and a transaction will not take place using the chip.
According to the latest figures released by EMVco the company says 2.37 billion EMV chip cards, as of 2013 are in use globally. EMVco is owned by the payment card companies with Visa and MasterCard being the largest members.
SmartMetric started patent infringement proceedings against the payments card giants, Visa Inc and MasterCard International some three and a half years ago in the Southern District Court of California. The lawsuit brought by SmartMetric, Inc. is over the use of its patented technology by the payments card monoliths in respect of the new EMV chip cards that are now being issued in the United States.
In 2004 a patent was issued by the United States Patent & Trade Mark Office to the founder of SmartMetric, Chaya Hendrick, covering chip cards. SmartMetric is alleging that the insertion into an ATM machine or retail card reader of the new EMV chip cards is in violation of its issued patent and in order to protect its intellectual property rights had no other option than to seek redress and protection in the Courts.
SmartMetric, in a hearing in the United States Federal Court on August 8, is asking the court to find that both Visa Inc. and MasterCard International are infringing the SmartMetric patent.
SmartMetric in its pleadings before the court is also seeking a ruling in respect of damages and a prepaid royalty based on 25% of the economic savings that flow from the alleged use of the SmartMetric patented technology by the payments cards companies. In earlier court filings the sum calculated and claimed by SmartMetric is $13.4 Billion.
The Aite Group has reported according to its research that by the end of 2015, 70% of all payments cards in the United States will be EMV chip cards.
SmartMetric is a publicly traded technology company that has added a fingerprint scanner built inside EMV payment credit and debit chip cards thereby creating a second 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.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products utilizing the company's expertise in miniaturizing electronics. The company has developed a miniature fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit: www.smartmetric.com
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