Device-based wallet infrastructure

App-based dig­ital wal­lets have thus far met with lim­ited con­sumer adop­tion due to sev­eral issues: con­sumers must typ­i­cally down­load a ded­i­cated app (often times an app for each mer­chant), how and where to use the wallet is com­plex and con­fusing, the func­tion­ality offered – pay­ments only – is not broad enough for what con­sumers really need in a wallet.

Jumio PORT takes a dif­ferent tact by intro­ducing device-based wallet infrastructure.

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Jumio PORT Launch Pre­sen­ta­tion at Money2020
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Daniel Mattes and Eduardo Saverin at Money2020

Unlike today’s app-based wal­lets: Jumio PORT

  • Com­bines both pay­ments and IDs (as real wal­lets do)
  • Does not require the con­sumer to down­load an app
  • Val­i­dates the cre­den­tials to ensure system secu­rity and integrity
  • Inter­acts with on-device wallet “recep­ta­cles” such as Apple Pass­book or Sam­sung Wallet.

The name Jumio PORT was selected to convey three key attributes:

  1. plug in func­tion­ality for mer­chants and other businesses
  2. safety and security
  3. con­sumer portability.

PORT is not intended to be a consumer-facing brand, rather a ser­vice that mer­chants inte­grate into their mobile apps or websites.

How it works:
PORT tech­nology inte­grates directly into a merchant’s mobile app on the checkout page or at any other point of trans­ac­tion. First time users scan their pay­ment or ID cre­den­tials with their smartphone’s camera, rather than engaging in time-consuming key entry to com­plete a pur­chase, open an account or con­duct a trans­ac­tion. Once scanned, the cre­den­tials are val­i­dated for authen­ticity and passed into the transaction.

At that point, an iPhone user taps the Add to Pass­book* icon and their cre­den­tial is safely stored for future usage. After the con­sumer has enacted this “remember me” func­tion­ality, the next time they transact in that merchant’s mobile app they need only tap the Pass­book icon to com­plete the transaction.

Ini­tially, PORT infra­struc­ture will be embedded within indi­vidual mer­chant apps, sig­nif­i­cantly increasing their trans­ac­tion com­ple­tion rates and rev­enues by reducing the fric­tion asso­ci­ated with checkout or ID ver­i­fi­ca­tion on a mobile device. Once there is a crit­ical mass of par­tic­i­pating mer­chants the system will open to a broader net­work. This will allow a cus­tomer who has never had an inter­ac­tion with a given mer­chant to speed through the checkout page or authen­ti­ca­tion process with one tap ease.

More than mobile:
Con­sumers will also be able to summon PORT-validated and stored cre­den­tials from Pass­book or other device-based wal­lets and used in in real world sit­u­a­tions such as showing an ID at hotel check in or car rental. In this instance, the iPhone-using con­sumer ini­ti­ates the process by tap­ping on their ID cre­den­tial vis­ible within Pass­book to show the mer­chant rather than sum­moning cre­den­tials in the con­text of com­pleting a trans­ac­tion within the merchant’s app.
Jumio PORT will be in gen­eral release in late Q1 2014 but any busi­ness may get started today with Jumio’s Netswipe and Netverify prod­ucts which embed into mer­chant apps and pro­vide the mech­a­nism to val­i­date, store and use cre­den­tials in a trans­ac­tion. For more infor­ma­tion please click here.

*Pass­book is a reg­is­tered trade­mark of Apple Inc.