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SmartMetric secures $1 million in funding

06 June 2012  |  2466 views  |  0 Source: SmartMetric

SmartMetric, Inc. (SMME), developer of "secured by Biometrics" Credit and Identity Cards, announced today that it has secured another $1 million (USD) in funding from private strategic investors.

The additional capital will be applied to operations, most directly to complete the company's production facilities in Buenos Aires, where the company will install key robotic assembly equipment. This 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 Chaya Hendrick, President & CEO, SmartMetric.

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.

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