27 February 2017
Visit EBAday.com

SmartMetric secures $1 million in funding

06 June 2012  |  2510 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.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit BNP paribasVisit Yelloco.co.ukvisit dh.com

Who is commenting?

A Finextra member Finextra Member Commented on: Really really really K...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13800 views comments | 53 tweets | 74 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7776 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7561 views 1 | 18 tweets | 8 linkedin
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
7411 views comments | 19 tweets | 18 linkedin
hands typing furiouslyKiller Corporate Banking Use Cases for Fin...
6588 views 2 | 12 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job