Jumio unveiled a new technology solution called Netswipe, which turns any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online. As a customer, you will briefly hold your credit card in front of a webcam and let Jumio do its magic in the backend, without saving a snapshot image or storing it on the computer that is used for the payment.
According to Jumio, this is super secure process that will consequently reduce fraud and increase sales due to a “heightened user experience.” Not sure I fully agree — I don’t see the lack of such a system stopped Amazon.com from conquering the online books market — but it’s good to know companies are still inventing in this space.
Jumio offers three products for merchants: Netswipe Start, Netswipe Scanning and Netswipe Processing, with a mobile solution set to be released later this year. The mentioned mobile solution is where I believe Jumio has a chance to prosper, relying on a phone’s camera to process credit cards…
As for the company’s finances, Facebook co-founder Eduardo Saverin is a member of the Jumio board of directors, and he led a Series A funding round of $6.5 million.