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November 27, 2005

Hitachi to develop smartcards in venture with MasterCard

Electronics firm Hitachi has entered into a joint venture with MasterCard and Australian ePayment specialists KeyCorp to develop smartcards.

By CBR Staff Writer

Hitachi is said to be investing over $2 million in the project, granting it an 18% stake. KeyCorp will also have an 18% share in the venture, while MasterCard will have a 20% share. US venture capitalist firm Oak Hill Venture Partners will hold the remaining 44%.

Smart cards use built-in microprocessors to process financial transactions. They are generally far more secure and multifunctional than conventional credit cards, offering the possibility of biometric identification and other services.

Hitachi hopes that its smartcard business will generate revenues of some JPY80 billion between 2006 and 2009.

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