Leading global law firm Baker McKenzie advised IDEMIA in the acquisition of certain assets of X-Core used in connection with a new metal payment card suitable for contactless payments. Based in France, IDEMIA is a leading provider of secure, authenticated and verifiable transactions for clients from financial, telecom, identity, public security and IoT sectors.
Demand for metal payment cards continues to grow. A 2018 global consumer study indicated that more than 50% of consumers are willing to pay for a metal card, 70% of whom are under the age of 35. Fintech firms have nearly all adopted metal payment cards and major banks are also providing metal cards to their high net worth customers.
With this acquisition, IDEMIA is launching Smart Metal Art suite of products. Smart Metal Art is the first metal payment card suitable for contactless payments with no restrictions. It offers endless graphical possibilities thanks to its non-magnetic, decorated metal core, protected by layers that can be transparent or printed.The Baker McKenzie team was led by Steven Canner and Alan Zoccolillo and also included Pamela Church, Santiago Corcuera-Mansi and Jason Kramer.