A Federal Circuit Court set a date of 8 August to hear chip card patent infringement case filed by SmartMetric against payment card companies Visa and MasterCard International involving the use of EMV cards in the US.
In its lawsuit, which was filed over three years ago, SmartMetric alleged that Visa and MasterCard infringed its US patent 6,792,464, "System for automatic connection to a network." The company claims that the networks are violating its patent (applicable only for US transactions) by using chip cards, which automatically trigger a network connection.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
SmartMetric has pleaded the court to award it 25% of the economic benefits and value that flows from using the SmartMetric claimed and patented technology.
The amount calculated by SmartMetric in earlier court filings is $13.4bn.
Earlier, a lower court ruled that both Visa and MasterCard violated SmartMetric’s patent. However, the ruling was overturned by the appeal court saying the patent language did not cover contactless transactions.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
