Hitachi, MasterCard to set up smart card venture

Topper

Friday November 25, 11:35 AM
TOKYO (Reuters) - Hitachi Ltd. said on Friday that it would set up a joint venture this month with MasterCard International Inc., Australia's Keycorp Ltd. and a U.S. venture capital firm to promote advanced smart cards. Japan's largest electronics conglomerate will invest $2.41 million (1.4 million pounds) to take an 18 percent stake in the venture, to be established in San Francisco.MasterCard will take a 20 percent stake, while Keycorp, a provider of smart card operating systems, is set to hold 18 percent and Oak Hill Venture Partners will take the remaining 44 percent.Smart cards have built-in microprocessors and memory for identification or financial transactions. They offer greater functionality and are generally more secure than conventional cards that use magnetic strips. The venture will promote cards based on a multi-application operating system called Multos, which can add various functions such as biometric user identification to conventional cards. Hitachi aims for its smart card-related business, such as equipment to read and write data on the cards, to total 80 billion yen in three years to March 2009.

Looks Like Big Brother Will Get Us One Way Or The Other

__________________
War does not determine who is right, it determines who is left!

Formerly toppervte33h
whose six pack has turned into a keg

Help support this web site by making a donation
Or use other options to help support Sats UK
Show Your Support
by clicking the button

Thank you.
Freddie Flintoff is back