Authentication & Security

Jumio brings new Card Scanning Technology to enable Mobile Payments

MEDICI

Jumio, an online and mobile credentials management company, has introduced a credit card and identification scanning technology aimed at mobile retailers. The technology dubbed as BAM Checkout can be embedded into the payment process and enables users to bypass manual key entries when performing a mobile based payment. Jumio had also released a mobile holiday shopping report stating $8.6 billion as mobile commerce sales losses due to outdated mobile checkout process.

During BAM Checkout process, users have to simply tap the “scan info” button embedded into the checkout page. After that users have to hold credit card and front or back side of their driver license up to their smartphone camera. The scanning process gets over within seconds and the extracted data autofills the checkout fields with user’s information. This process greatly reduces the checkout time and improves data accuracy since mobile checkout requires an average of 75 manual key entries that can take up to two minutes.

BAM Checkout is currently available for apps running on iOS or Android. It can also be directly embedded into merchant’s checkout process. Developers can also embed it into the merchant’s mobile app. BAM Checkout can be used across card networks like Visa, MasterCard, Diners Club, American Express, JCB, Union Pay and Discover cards as well. The application currently provides full functionality for users in U.S. and UK. For other regions, it may support only credit card scanning. On the backend, Jumio invokes the scan from its separate SDK products.

BAM Checkout is already being adopted by a number of Jumio’s clients. Jumio’s client base includes Airbnb, United, Kickstarter, Ridejoy, Gyft, Wallaby, Gopago, Western Union, YouWin, PokerStars, Skimm, World Remit and more. Clients will have to pay a flat monthly fee on an annual contract basis in order to use the checkout process.

Here is an illustration of how Jumio works:

jumio

Daniel Mattes, founder and CEO, Jumio had commented: "Shopping cart abandonment accounts for billions of dollars of lost revenue every year, and a major portion of those losses are entirely avoidable. The increasing sophistication of our mobile devices as well as rising consumer expectations of their mobile experience has both leapt ahead of the still labor-intensive checkout experience. Our applied computer vision technology closes that gap. Over three years ago, Jumio zeroed in on payment friction as a serious mobile commerce impediment and we've been addressing this issue ever since. We started with credit card scanning and now are pleased to offer a more comprehensive solution that accelerates and replaces most of the traditional data entry tasks required for mobile checkout. This translates to more completed transactions and revenue while providing our clients' customers with an engaging and superior checkout experience."

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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