Powered smart card with a biometric one time password system

Informations projet

QuardCard

N° de convention de subvention: 712317

DOI

10.3030/712317

Projet clôturé

Date de signature de la CE 10 Mars 2016

Date de début 1 Avril 2016

Date de fin 31 Août 2016

Financé au titre de

• Secure societies - Protecting freedom and security of Europe and its citizens

Coût total

€ 71 429,00

Contribution de l’UE

€ 50 000,00

Coordonné par

CARDLAB INNOVATION APS
Denmark

Periodic Reporting for period 1 - QuardCard (Powered smart card with a biometric one time password system)

Période du rapport: 2016-04-01 au 2016-08-31

Résumé du contexte et des objectifs généraux du projet

CardLab and QuardLock ambition is to become major players in the global market of financial payment cards, by introducing a disruptive credit card with state-of-the art security level. The SMEs forecasts to achieve cumulated revenues of €772M with net profits of €242M within five years after market rollout. The present feasibility study represents a key step towards the implementation of our overall innovation project, the primary goal of which is and adaptation of a 2nd generation QuardCard to replace a credit card and full-scale demonstration. Through the large number of meetings with financial institutions, the demand for a biometric OTP (One-time-password) smart card, as QuardCard, was clearly verified. Our analysis shows that our ambition may be fulfilled if a focused route-to-market strategy is followed.

Travail effectué depuis le début du projet jusqu’à la fin de la période considérée dans le rapport et principaux résultats atteints jusqu’à présent

During the feasibility study we: • defined and characterised our primary market segments – online banking, e-commerce and Card Present (physical transactions); • further develop and enhance the business plan based on the findings during the feasibility study; • confirm that the acceptance and competitiveness of the QuardCard is, first and foremost, dependent on gaining market confidence; • concluded that the overall strategic vision should be expanded to other markets (e.g. access control, medical card, etc.) after securing the huge financial market; • validated or even enhanced the concept, approach and impact.
Different customers foresee different use pattern for the card product meaning that some expect a high use rate due to a wish to merge different functionalities into the same card, therefore it will be necessary to introduce a card with rechargeable battery as an additional offer. Also, several users prefer to have a fingerprint touch sensor instead of a swipe sensor on the card.

Progrès au-delà de l’état des connaissances et impact potentiel prévu (y compris l’impact socio-économique et les conséquences sociétales plus larges du projet jusqu’à présent)

QuardCard is a disruptive idea to the financial payments market, which is currently facing major increases in fraud levels. QuardCard combines, for the first time a smart card with biometric fingerprint to generate an OTP, which will drastically reduce the financial frauds in all targeted segments. The commercialization of QuardCard solution will have the following socio-economic impact (Year – Turnover | Net profits, € Million | New job positions at CardLab + at QuardLock):
2019 – € 100.3 | € 25.9 | 45 + 15
2020 – € 123.8 | € 32.7 | 20 + 15
2021 – € 150.8 | € 43.9 | 15 + 10

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