SOURCE: Jumio

Jumio

November 06, 2013 12:12 ET

Jumio Unveils Faster Credit Card Scanning Technology With Netswipe 2.0

Faster and More Comprehensive, Netswipe Drives Significant Revenue Enhancement in Merchant Apps

PALO ALTO, CA--(Marketwired - Nov 6, 2013) - Jumio, Inc., the fast growing online and mobile payments and credentials management company, today announced enhanced features to its proprietary credit card scanning and validation technology, Netswipe. The new release features near-instant processing speed and more comprehensive card data extraction. Netswipe addresses the critical issue of shopping cart abandonment by removing payment friction, which negatively impacts most every online and mobile seller. Netswipe turns a customer's phone or computer into a secure credit card reader, eliminating the need for customers to manually enter credit card payment information. Businesses using Netswipe in their mobile apps see conversion rates increase as much as three to five times.

"Jumio is committed to helping merchants provide the most secure and frictionless technology for online and mobile payments," said Jumio CEO Daniel Mattes. "Businesses spend a great deal of money and effort bringing customers to their checkout pages, only to have the majority of these transactions be abandoned on old fashioned, labor intensive checkout forms. Payment friction is the culprit and businesses no longer need to lose sales because of it."

Netswipe Version 2.0 features include faster scanning and the ability to capture all of the customer's card data. The card scanning process has been reduced from about five seconds down to a mere instant. By incorporating the scanning technology directly into the businesses' app via the Netswipe SDK, customers can now scan their credit card with a smartphone or tablet in as little as one second. Netswipe 2.0 now also scans and extracts the customer's name, in addition to the 16-digit card number and the expiration date. Customers now only need to enter the 3-digit CVV number to complete the transaction.

Netswipe 2.0 is available for merchant apps running on iOS and Android and requires as little as 30 minutes of developer time to embed in the merchant's mobile app. To use it, consumers simply tap the "scan card" button and hold their card up to their smartphone camera in a seamless experience that appears to be part of the merchant's app. Netswipe can be used with Visa, MasterCard, Diners Club, American Express JCB, Union Pay and Discover cards.

About Jumio
Utilizing advanced computer vision technology, Jumio is a next generation credentials management company offering payments and ID scanning & validation products for mobile and web transactions. Designed to reduce fraud and increase revenue by minimizing friction in customer transactions, Jumio's products integrate easily into mobile apps or websites and create great customer experiences. Jumio's products are widely used by leading retailers, marketplaces and financial institutions.

Jumio's recently unveiled PORT, a secure device-based wallet infrastructure, allows consumers to conduct one-click purchases and transactions requiring identity verification, without the need to download a standalone wallet app. Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify® supports real-time ID verification in over 90 countries to help clients meet a variety of know-your customer requirements. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.