Jumio turns Webcam into credit card reader

Source: Jumio

Payment company Jumio today unveiled a new technology solution for businesses to increase security and ease of use for online and mobile credit card payments.

Jumio's patented Netswipe solution turns any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online.

"Jumio bridges the gap between the security and trust of credit card payments at the point of sale and the availability and convenience of modern day online transactions," says Jumio founder and CEO Daniel Mattes. "Consumers love the ease-of-use and the smooth experience associated with completing a transaction. At a time when both consumers and businesses are looking for more efficient and safe ways to make credit card purchases, Netswipe promises to usher in a new era of disruption that makes online payments easier than ever before."

Bringing Card Present Transactions Online

Netswipe is the first and only solution that enables online card-present-transactions: Checking out just like at the point of sale (POS). To complete a transaction, consumers briefly hold their credit card in front of their webcam. Through secure videostreaming, the credit card details are recognized and verfied. No snapshot image is taken, no data is stored on the computer that is used for the payment.

A More Efficient Payment Technology for Merchants

Business owners can implement Jumio's Netswipe service into their payment process to reduce fraud and increase sales due to a heightened user experience.

"During our pilot phase, we have conducted a customer survey with a focus group who have used Netswipe. Amongst other impressive numbers, the churn rate decreased significantly from 52% to 21%." (Mattes)

With the launch, Jumio has introduced three products for merchants that simplify the online payment process: Netswipe Start, Netswipe Scanning and Netswipe Processing. Additional products including a mobile solution will be released later this year.

Partners, High Profile Board of Directors

Jumio's pre-launch neegotiations attracted an impressive list of partners. Facebook co-founder Eduardo Saverin, member of the Jumio board of directors, previously led a Series A funding round of US$ 6.5m and will oversee Jumio's rollout into the Asian market.

Says Saverin: "I am very excited to be involved with Jumio, which has developed a ground breaking technology that fulfills two of the most important aspects of payments processing: heightened security and a simplified user experience."

Additionally, Jumio's advisory board includes former executives from Google, Amazon and NASA. 

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