Jumio Announces PORT: Device-Based Digital Wallet Infrastructure
Enables Merchants to Offer Their Customers One Tap Ease to Conduct Payments or Identity Verification
Palo Alto, Calif. – October 9, 2013 Money2020 – Jumio, Inc., the fast-growing online and mobile payments and credentials management company, today announced the launch of Jumio PORT, a new secure embedded wallet infrastructure designed to integrate with mobile OS utilities such as Apple Passbook, and the recently-launched Samsung Wallet. With PORT, consumers can easily make one-click purchases and transactions requiring identity verification, without having to download a standalone wallet app, as is the case with most digital wallet offerings today. PORT builds upon the utility of Jumio’s Netswipe and Netverify products, leveraged today by leading online and mobile merchants to enable frictionless credit card and ID scanning and validation for seven types of credit cards and IDs issued by more than 90 countries. PORT will be available to merchants in late Q1 of 2014.
“Unlike today’s digital wallets that function solely for mobile payments, and require consumers to download individual merchant apps, PORT enables efficient transactions in both digital and real world environments, mirroring the full functionality of a traditional wallet,” says Jumio CEO Daniel Mattes. “The current absence of a comprehensive device-based wallet offering that is securely integrated into the merchant apps, at the point of transaction, is what has hindered mobile wallets from reaching the critical tipping point.”
PORT technology integrates directly into a merchant’s mobile app on the checkout page or at the 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, users of the iPhone – the first device that will integrate PORT – will tap the ‘Save to Passbook’ button to safely store credentials for future usage. After the consumer has saved payment or ID credentials, the next time they transact in that merchant’s mobile app they need only tap ‘Pay with Passbook’ to complete the transaction.
Initially, PORT infrastructure will be associated within individual merchant apps, significantly increasing user transaction completion rates and revenues by reducing the friction associated with checkout or ID verification. 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 new merchant, to leverage Jumio PORT to speed through the checkout page or authentication process with one tap ease.
Validated and stored credentials can also be summoned from the Passbook, or other device-based wallet, and used in in real world situations such as showing an ID at hotel check in or car rental.
Because customer data security is so critical to the adoption of digital wallets, Jumio also announced its intent to form a member-owned and operated industry standards organization to be known as CIESTA (Customer Information Storage and Transmission Association). Today’s standards for PII (personally identifiable information) largely apply to collection, sharing, privacy and notifications, but not specifically to the storage and transmission of this information. CIESTA intends to fill this gap in order to create a safe and secure environment in which businesses and consumers can transact with confidence. Companies who want to indicate their interest to join this association can do so at www.jumio.com/ciesta.
For more information, go to www.jumio.com/port.
Jumio® Inc. offers next generation online and mobile credit card payments validation and ID verification products for retailers, financial institutions and governmental agencies. Designed to increase revenue, reduce fraud, and streamline customer experiences, Jumio utilizes patent-pending computer vision technology to validate and facilitate transactions while providing unprecedented levels of consumer convenience and data security.
Jumio’s 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 60 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.
Dotted Line Communications for Jumio