Online Checkout Evolves — Pay by Holding Your Credit Card Up to Your Webcam

“Daniel and the Jumio team understand the challenges facing online merchants when it comes to battling credit card and identity fraud because they’re dyed-in-the-wool entrepreneurs themselves and they have encountered the problems that Jumio aims to solve,” said Scott Weiss, general partner of Andreessen Horowitz and Jumio’s new board member in a statement. “Jumio’s technology is a huge leap forward for online payments with potential to transform even more industries.”

In the real world, identity verification is limited to high-security and age-restricted areas. Most people are willing to flash a driver’s license to have a drink at a bar or to settle their tab, but if a department store tried carding people at the door, that might be a problem. How would this play out on a social media site? Spammers on Facebook are too mild of an inconvenience to warrant showing ID just to set up an account, and no one wants to be caught using their real names on Match. But things might change where money is involved.
By Devon Glenn | Editorial Gabriel Catalano

The Internet will need to see some ID, please. Online payment company Jumiohas announced the launch of Netverify: an image recognition technology that allows merchants to remotely scan credit cards and IDs with a webcam or phone.

To use Netverify, shoppers hold up a credit card and a driver’s license to their cameras to verify their identification as they’re checking out. This online equivalent of asking a customer to show ID at the checkout stand is designed to help eliminate credit card fraud, and although the application can recognize and verify an image, no data is stored on the computer.

With less hardware than a traditional credit card swiper – and an even more mobile platform than a plug-in device like Square – Netverify can make an online transaction just as personal as a point of sale, but less expensive for the merchants.

A curious case in Latin America

Argentine innovative payment system
e-mango | SmartMoney

It is a complementary product to the ¨ Plastics (cards) ¨, do not compete with them.
Innovate by using QR and mobile (smart or not) using the internet and cloud to transact.


What will this mean for the social media industry? While Jumio hasn’t announced any social applications for this technology, the company already has some very social backers, like Eduardo Saverin, co-founder of Facebook; and Peng T. Ong, founder of The company just raised $25.5 million in a round of Series B funding led by Andreessen Horowitz, another supporter of social media startups. Leer más “Online Checkout Evolves — Pay by Holding Your Credit Card Up to Your Webcam”