Tech development and engineering company SmartMetric has announced that it will be able to advance to the next stage in its development of biometric chip cards after having received sufficient private equity funding. The Nevada-based company’s president and CEO, Chaya Hendrick, said that although the production timeline has not been finalized, additional investment should allow the company to begin mass-production of its fingerprint-activated payment cards within the next 60 to 90 days.
SmartMetric’s biometric payment card will offer an additional layer of security by requiring the fingerprint of the cardholder on top of a chip-and-pin verification system, which relies on a small computer chip inside the card and a PIN number for authentication. The tech firm received an additional boost in March, when it won a $3 million patent infringement case brought by payment processing companies Visa and Mastercard International.
This is great news for SmartMetric, freeing us now to move forward with our advanced biometric payment and identity card technology without this massive potential cost to the company over our head,
Hendrick said of the company’s judicial victory.