Mobile Payment Magazine

Jumio Turns Any Smartphone Cam or Webcam into a Credit Card Reader

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Payment company Jumio today announced a new technology solution for businesses to increase security and ease of use for online and mobile credit card payments, the company says. Jumio’s  Netswipe solution allows a webcam to be used as a secure credit card reader, enabling merchants to 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.”

Netswipe 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.

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%,” said 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.

Jumio’s pre-launch negotiations 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. Additionally, Jumio’s advisory board includes former executives from Google, Amazon and NASA.

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.”

Source: Jumio

Jumio Announces Advisory Board of Former Google and Amazon Veterans

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Jumio, the soon-to-be-launched payment solution based in Mountain View, California, today announced part of its high profile advisory board, with industry veterans from Amazon, Google, and NASA.

Daniel Mattes, founder and CEO of Jumio, who also started Jajah.com, has invited Internet pioneers Zain Khan (former Google executive), Mark Britto (former Amazon executive) and Maarten Linthorst (former NASA partner).

“We are extremely pleased that our ideas and technology attract such talent. It shows me that we are right on track with our approach to make online and mobile payments easier and more secure,” says Mattes.

Zain Khan, a former Google executive known as the “Ops guy,” built Google’s impressive infrastructure from scratch in 1999. Zain, now turned private investor, says about Jumio: “It’s mainly the technological brilliance and the complexity that lies in this payment solution that excites a tech-person like me. Add a proven team and the product is bound to be successful.”

Board member of Bill Me Later (acquired by eBay) and founder of Accept.com (acquired by Amazon), Mark Britto was responsible for building the main payment infrastructure for Amazon. He sees Jumio as the solution to one of the few remaining Internet problems: “The challenge of fully securing online payments has been an ongoing one. Jumio is perfectly prepared to solve the problem.”

Working with NASA back in 1969, Maarten Linthorst paved the way for the Internet as we know it, interconnecting the first two servers to become the ARPANET. He also developed the X25 protocol, which is used for every credit card transaction worldwide. Linthorst believes that “Jumio will revolutionize the way we think about online payment — both from a technological and a social point of view.”

A former CEO of one of the largest online gambling groups worldwide, Bjorn Evers sees “Jumio as a definite game changer and the answer to online payment fraud.”

According to the company, Jumio’s mission is to make payments simpler, faster, more convenient and — above all — more secure. “$191 billion is the annual cost caused by credit card fraud in the United States, and it’s time to act,” says Mattes. “With our advisory board of brilliant minds, we are well-prepared.”

Source: LaunchSquad