Financial services: The biggest deterrent of online transactions and online banking is the lack of trust by users to divulge their personal information through the Internet.
Addressing this issue with the current smart card technology would require ordinary users to procure, install, configure and maintain specialized card readers at their home PCs. Beepcard overcomes this barrier with its unique acoustic technology that makes use of sound cards, installed virtually in every PC. With over 1 billion cards in use worldwide, this market is worth in excess of USD$ 8 billion.
IT-security is a sector with specifically high security need and where corporations could realize significant cost savings and a fast ROI. Nearly every PC used in organizations or companies is protected by passwords or other access technology. There are significant handling costs for these systems in addition to the costs of the access procedure on the client side. The current state of the art for network access are one-time password tokens such SecurID tokens provided by RSA. They cost as much as ten times the price of ComDot technology, installed.
Beepcard’s devices add the further advantages inherent in the card format, such as adding ID card or building access functions onto the same device
Retailers: The Company’s ComDot technology provides multi-channel retailers with a highly secured medium to conduct Card Not Present Transactions with a credit card that is fully compatible with Card Present Transaction infrastructure.
Merchants would not need to significantly alter their infrastructure or incur major capital investment. ComDot powered card systems have several unique features that bridge the online and offline shopping experience and it is transparent to the user. Besides convenience on the retail side, the system opens new partnerships for retailers, banks or credit card issuers to strengthen customer relationships, and marketing power through loyalty programs.
Health Care: The newly promulgated Health Insurance Portability & Accountability Act (HIPPA) and accompanying regulations now require doctors and health care providers in the U.S. to take technological measures to ensure the confidentiality of patient records.
These requirements include authenticating patients, doctors or any authorized person. At the same time, health care providers are under increasing commercial pressure to utilize the Internet to improve customer satisfaction and operational efficiency. Beepcard technology overcomes many common problems by enabling modern information processing technology in this area with a very easy to use card that provides easy and secure access to web sites and patient information. The technology could further be used to reduce the time to check into health care providers, eliminate data entry errors, and expedite prescription ordering and pick up. Beepcard’s largest orders to date have come from this sector, which is expected to grow substantially.
Telephony Applications and Call Centers ComDotTM powered cards can communicate via fixed line and mobile telephones, creating issuer and end-user value in different applications.
Telephone-based transaction could be realized as convenient and secure transactions. A major opportunity are business calling cards, enabling automated calling by encrypted transfer of dialing information to the phone or information concerning company and business activities to the PC or PDA. In addition to calling cards, the technology can be used in call-centers to reduce operating costs, increase transaction speed and create ease of use experience for the customer.
Beepcard also licenses its unique technology to other markets such as Promotional cards and the entertainment/toys industry.