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.
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:
- plug in functionality for merchants and other businesses
- safety and security
- 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.