THE STORY OF EVC® (ELLIPSE VERIFICATION CODE), A TECHNOLOGY THAT USES E-PAPER COMPONENTS

PART ONE: BACKGROUND OF EVC

Electronic paper (“e-paper”) displays are becoming more and more popular - now appearing in smartphones, watches, accessories and more. As e-paper technology evolves from the domain of digital readers to new and more varied products, its potential is also evolving. E-paper is energy-efficient and easy-to-read in any lighting. Furthermore, e-paper is changeable and can therefore provide real-time information on a singular product. Advancements in sturdy, flexible, and thin e-paper technologies, combined with their bi-stable attributes, enables the development of battery-free products that can be carried around in a wallet or a pocket. When Cyril Lalo and Sebastien Pochic, co-founders of Ellipse, recognized the potential to embed e-paper into payment cards, Ellipse was born.

Cyril and Sebastien had both noticed certain trends in the payment industry. For example: according to research, the use of payment cards is growing at a fast rate and card payment remains accessible, simple, reliable, and popular. Cyril and Sebastien envisioned that technology with the ability to bridge card-based payment and mobile payment would become vital to an increasingly e-commerce-based world. Additionally, e-commerce is booming – but unfortunately, card fraud safeguards aren’t keeping pace. The need for card fraud protection has grown, as cards are now used for online checkouts, payment enrollments, digital wallets, and beyond. Not surprisingly, rates of fraud are skyrocketing as fraudsters steal card information. Payment cards are now required to work for countless operations a year that encompass physical transactions, online checkouts, and beyond. Cyril and Sebastien recognized the necessity for a versatile card capable of handling all these demands. 

OVERVIEW:

-Electronic paper (“e-paper”) displays are energy-efficient, easy-to-read, and effective for displaying dynamic information.

-Advancements in robust, flexible, and thin e-paper technology enable the creation of products that can conveniently fit in a wallet or a pocket.

-Technology that bridge card-based payment and mobile payment, and super-secure smart cards will become vital to an increasingly e-commerce-based world. 

PART TWO: THE FOUNDING OF ELLIPSE

Cyril and Sebastien’s passion for smart card components drove them to leverage cutting-edge e-paper technology to create the aforementioned super-capable card. They founded Ellipse World, Inc. in 2017. 

Ellipse World, Inc. (“Ellipse”) is a Los Angeles based Fintech company that develops and provides advanced smart card solutions for card manufacturers. Ellipse is known for creating the patented EVC (Ellipse Verification Code) technology. EVC is the new standard in payment – a technology that generates a dynamic, or changing, security code that replaces the static 3-digit security code usually printed on the back of payment cards.

In 2021, Ellipse unveiled its flagship product – The EVC® All-In-One smart card module (commonly known as a card “chip”) that integrates an e-paper screen to display the dynamic security code. This module is embedded into the card in place of the conventional EMV module. 

In 2022, Ellipse introduced the contactless version of the EVC All-In-One, that enables the refresh of the security code via both contact and contactless interfaces.

OVERVIEW:

-Ellipse World, Inc. was founded in 2017.

-In 2021, Ellipse unveiled its flagship product: the EVC All-In-One smartcard module.

-In 2022, Ellipse introduced the contact/contactless version of the EVC All-In-One smartcard module.

PART THREE: FEATURES OF EVC

The EVC All-In-One battery-free module integrates a small e-paper screen that displays a 3-digit dynamic security code, which changes every time the card is triggered by a smartphone app, or when tapped, swiped, or dipped during a payment transaction. The new security code can then be used for any subsequent distance or online transaction; During the next tap, swipe, dip, or app trigger, the code will refresh. 

The screen is bi-stable, meaning that the current code will be displayed on the card as long as needed without the card needing to charge or change batteries. Power is required only to refresh the code and is harvested from the card terminal or mobile phone.

EVC is refreshed on demand by the cardholder. It places the control and power in cardholders’ hands: If a cardholder suspects fraudulent activity and wishes to update their code, they can choose exactly when and how to do so, and the e-paper screen shows that code indefinitely – or until the next transaction. 

OVERVIEW:

-The EVC All-In-One battery-free module integrates an e-paper screen that displays the dynamic security code.

-The security code changes every time the card is triggered by a smartphone app or tapped, swiped, or dipped at an EMV payment terminal. 

PART FOUR: BENEFITS OF EVC

EVC is designed to eliminate card fraud, eliminate false declines (cases when a card is declined due to suspected fraud, even though it’s a legitimate purchase), create new value, and provide peace of mind.

The dynamic EVC code safeguards card information at the source. It provides an extra layer of security against card fraud and renders theft of critical card information ineffective. With EVC, the card information that is stored in mobile wallets and in card-on-file systems on computers are better protected. This leads to reduction of costs associated with card replacements and minimizes the loss of opportunities and revenue caused by disruption of service. 

The revenue generation opportunities of EVC technology are myriad: credit cards with EVC not only create fresh revenue streams but also expand market share for banks and merchants by attracting new clients and spearheading new card payment plans. An EVC module transforms a card into what is known as a “Top of Wallet” card, which is a card that a customer keeps at the top of their wallet for constant use. This benefits cardholders, merchants, banks, processors, and everyone else in the payment ecosystem. 

EVC boasts remarkable ease-of-use: it functions seamlessly on any device and any channel without the need for plugins or specific apps. Naturally, EVC is straightforward for cardholders to use – it works like any regular payment card, with the added benefit of enhanced protection for peace of mind.

EVC is also supports eco-friendly initiatives, thanks in part to its e-paper screen. The screen’s changing code shields against card information theft, lowering the card’s vulnerability compared to traditional cards. Therefore, EVC cards do not need to be retired or prematurely replaced as often as traditional cards, which conserves resources. EVC’s e-paper screen runs on power-harvesting technology, which enables the card to update its display without requiring batteries. The battery-free design ensures operation during the entire lifetime of the card, and eliminates self-discharge, providing virtually unlimited shelf life. The battery-free design also eliminates related risks and simplifies end-of-life product disposal and recycling. 

In a changing and increasingly digital payment landscape, EVC emerges as a simple solution that addresses a complex problem. Essentially, EVC makes payment cards work more securely for everyone. This marriage of mobile, digital, and physical payment security solutions reflects the brave new world of payments that awaits our industry. Above all, EVC also protects cardholders where they are most vulnerable. EVC cards provide a consistent and seamless protection across contact, contactless, mobile, and e-commerce payments. Its ease-of-use grants everyone the control over and access to a secure payment method, regardless of technological fluency or opportunity. EVC is the ultimate “supercard” for all scenarios. 

OVERVIEW:

-EVC is easy for cardholders to use and for the payment industry to implement.

-EVC supports eco-friendly initiatives by extending card lifetime.

-EVC helps reduce costs and generate new revenue for all players in the payment ecosystem. 

-EVC’s ease-of-use grants everyone the control over and access to a secure payment method, regardless of technological fluency or opportunity. 

PART FIVE: THE FUTURE OF ELLIPSE AND EVC

Ellipse is based in Los Angeles, with offices in the United States, Taiwan & Mainland China,  Malaysia, and France. This international team is focused on global solutions. Ellipse is in the process of setting up production facilities in Asia, Europe, and the U.S to manufacture EVC modules for global distribution. 

While the EVC All-In-One module is currently focused on the credit card market, there are possibilities to apply the EVC module to gift cards, transit cards, developing markets, and more.

The e-paper screen with a changing display can be useful in many different types of cards and can have far-reaching effects in payment, city development, economic development, and daily modern life.

Ellipse is dedicated to expanding its partner network with industry leaders in the global payment industry to make the company uniquely prepared to make EVC-equipped cards the new global standard for payment cards.