April 1, 2015 -
SmartMetric announced it is updating its fingerprint-activated chip and PIN payments card with a CVV number that is displayed only after a successful fingerprint match has been found.
“This biometric-activated CVV display will be an invaluable tool in protecting the card from unauthorized use online,” said Chaya Hendrick, SmartMetric’s president and CEO. “SmartMetric is about to commence mass production of its fingerprint-activated credit and debit cards for sales initially in Europe, Latin America and the United States. Having had the threat of a multi-million dollar judgement lifted from over our heads a week ago, we are now free to move forward with our manufacturing and sales.”
SmartMetric recently won a multi-million dollar legal fee dispute with Visa Inc. and MasterCard International, which was brought against the company in the Federal District Court.
The two respective payments card companies had sought $3 million in fees and costs against SmartMetric regarding a previous SmartMetric patent infringement claim against Visa Inc. and MasterCard International.
The court found that there was not enough evidence against SmartMetric to warrant a ruling in Visa and MasterCard’s favor, and the claim against SmartMetric was denied.
As a result, SmartMetric can now move on with its latest ID verification platform.
“This threat over the company of having to pay $3 million has been a serious impediment to our moving forward into production but now being dispensed with by the Court will allow us to move forward into production with great vigor,” said Hendrick.
Previously reported, SmartMetric, Inc. has increased the life span of its fingerprint activated payments card to an estimated five years, due to its advanced internal power management system.