Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, today announced that it will incorporate Apple's Touch ID technology into their mobile money transfers application.
This gives customers the option to use their fingerprint data to sign in to the Xoom application on the iPhone 5s, 6 and 6 Plus.
"Xoom has always placed safety and security as a top priority; and now with Touch ID on the Xoom Mobile App, this presents an enhanced customer experience with authentication that is simple and highly secure," said Joe Raymond, Xoom's Vice President of Product. "In keeping with our mission of creating a seamless customer experience across our platform, Touch ID will make it faster and easier for our customers to send money from the Xoom App, without having to type in a password."
Touch ID is a fingerprint identity sensor that is located in the Home button of select Apple devices. Touch ID takes a high-resolution image of the user's fingerprint and then analyzes it in order to create its mathematical representation. The data points generated through the analysis are stored locally on the user's device, and are used for comparison with fingerprint data captured through any subsequent Touch ID usage.
During log in, Xoom's Mobile Application determines whether the Xoom customer has enabled Touch ID on their device. If the service is enabled, the customer is asked if they want to use Touch ID for subsequent logins. If the customer agrees, they can then authenticate with nothing more than their fingerprint on all future logins. Even if the Xoom customer chooses not to make use of Touch ID at this time, they can always enable the service manually through the Xoom application's Settings menu.
During the nine months ended September 30, 2014, 49 percent of the total number of transactions was sent via mobile devices as compared to 32 percent in the same period in the prior year. During the nine months ended September 30, 2014, more than $1.6 billion of Xoom's gross sending volume was sent from mobile devices which represented growth of approximately 99 percent compared to the same period in the prior year. As of September 30, 2014, 55 percent of Xoom's active customers have transacted at least once via a mobile device during the last twelve months as compared to 42 percent, September 30, 2013.