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.