Inside Contactless raises another $4M for automated payments
Inside Contactless, a company that makes chips for “contactless payments,” has raised an additional $4 million from Samsung Ventures America to complete its $42 million third round of funding. The Aix-En-Provence, France company already was already backed by a large mobile company — the new investment builds on funding from Nokia Growth Partners.
Contactless payments allow people to make payments by just swiping their mobile phones or other cards or devices. One of the most common uses in the United States involves special devices to automatically pay tolls on highways. Inside Contactless says its MobileRead chip offers a broader range than the competition, and even works when your mobile device is turned off.
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About the Author, Anthony Ha
Anthony is VentureBeat's assistant editor, as well as its reporter on enterprise technology, cloud computing, and tech policy. Before joining VentureBeat in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. You can also follow Anthony on Twitter.