SmartMetric Patent Infringement Defendants Visa Inc and MasterCard International Have Been Accused of Being a Duopoly by American Express

NEW YORK, NY--(Marketwired - Jul 8, 2014) -  SmartMetric, Inc. (OTCQB: SMME) -- American Express stated yesterday in Court filings that Visa and MasterCard are a Duopoly. In its defense before the Court in an antitrust case brought against it by the US Department of Justice, American Express said that Visa and MasterCard are a duopoly that have in the United States market, over 1 billion credit cards between them. 

The Government trial follows years of litigation by merchants against card companies over fees. The Government says costs are largely hidden from consumers and, amount to about $50 billion a year.

SmartMetric is suing both Visa Inc and MasterCard International for patent infringement. In the payment card company's defense they have stated they do not control the Visa and MasterCard cards issued in the United States. SmartMetric has presented evidence to the court that in fact they do control the cards that are at the heart of the SmartMetric infringement law suit brought against both payment card giants, said SmartMetric President & CEO, Chaya Hendrick.

The SmartMetric, Inc vs. Visa Inc and MasterCard International patent infringement case will be heard on August 8th before the US Federal Circuit Court in Washington, DC.

SmartMetric, in its motions before the court, is seeking a ruling of infringement against both Visa and MasterCard and is asking the court to award SmartMetric 25% of the economic value attributed from the savings from fraud created by the use of the SmartMetric claimed technology by the payments card companies. In total SmartMetric is claiming $13.4 Billion from both Visa Inc and MasterCard International. 

SmartMetric is a publicly traded technology company that has added a fingerprint scanner built inside EMV payment credit and debit chip cards thereby creating a second layer biometric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the World.

About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products utilizing the company's expertise in miniaturizing electronics. The company has developed a miniature fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit www.smartmetric.com.

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