New, Comprehensive Checkout Offering Addresses Vexing Industry Problem of Shopping Cart Abandonment
Palo Alto, Calif. – Oct. 21, 2014 – Jumio, Inc., the fast growing online and mobile credentials management company, today introduced BAM Checkout™, a new, all-in-one credit card and identification scanning technology for mobile retailers. BAM Checkout’s embeddable solution provides a frictionless checkout experience by enabling users to bypass nearly all manual key entry when completing a mobile purchase. The product name pays homage to the chemical BAM, a compound of Boron, Aluminum and Magnesium, which produces the least amount of sliding friction of any substance in the world.
Also announced today is Jumio’s 2014 mobile holiday shopping report (www.jumio.com/press-releases), projecting up to $8.6 billion in mobile commerce sales losses due to outdated mobile checkout processes.
“Shopping cart abandonment accounts for billions of dollars of lost revenue every year, and a major portion of those losses are entirely avoidable,” said Daniel Mattes, founder and CEO, Jumio. “The increasing sophistication of our mobile devices as well as rising consumer expectations of their mobile experience have both leapt ahead of the still labor-intensive checkout experience. Our applied computer vision technology closes that gap.”
With BAM Checkout, users looking to transact on mobile simply tap the “scan info” button embedded into the checkout page and successively hold their credit card and front or back side of their driver license up to their smartphone camera. The scanning process is completed in a matter of seconds, and the extracted data auto-populates the existing checkout fields with all of the user’s required information. To ensure security, no photos of credentials are taken or stored on the smartphone.
BAM Checkout greatly reduces checkout time and improves data accuracy, transforming mobile checkout from requiring an average of 75 manual key entries that can take nearly two minutes to a card scanning solution that takes only seconds. BAM Checkout greatly improves the customer experience and increases transaction completion rates by more than 10 percent.
In a recent report*, Ron Mazursky, Director, Debit Advisory Services at Mercator Advisory Group wrote, “Jumio’s goal is to provide its clients with a frictionless consumer experience to expedite e-commerce transactions for new customers and to enable compliance checking to ensure that customers are who they say they are—in other words to prevent fraudulent transactions.” BAM Checkout continues this goal by offering a new and powerful anti-fraud tool that crosschecks the name on the credit card with the name on the driver license and immediately flags any variances. Merchants use this information to augment their existing transaction authorization procedures, with the additional confidence of knowing that their customer is who they say they are, and that they have their actual credit card in-hand at the time of transaction. This has a marked effect on reducing fraud-related chargebacks.
BAM Checkout is available for apps running on iOS and Android and is flexibly integrated directly into a merchant’s current checkout process, requiring as little as one hour of developer time to embed in the merchant’s mobile app. BAM Checkout can be used with Visa, MasterCard, Diners Club, American Express, JCB, Union Pay, and Discover cards. The application supports full functionality for users in the United States and the United Kingdom owing to the availability of address information on driver licenses issued by authorities in those locales. In other locations, BAM Checkout may be implemented with credit card scanning only.
“Over three years ago, Jumio zeroed in on payment friction as a serious mobile commerce impediment and we’ve been addressing this issue ever since,” continued Mattes. “We started with credit card scanning and now are pleased to offer a more comprehensive solution that accelerates and replaces most of the traditional data entry tasks required for mobile checkout. This translates to more completed transactions and revenue while providing our clients’ customers with an engaging and superior checkout experience.”
*Mazursky, Ron. “Company Snapshot: Jumio.” Mercator Advisory Group, September 2014
Jumio is a next-generation payments and ID software-as-a-service company that utilizes proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud, while increasing revenue and customer satisfaction. The company’s mission is to provide its clients with intuitive, consumer-facing technologies that make it possible to conduct a wide range of mobile transactions without a single keystroke. Half of the top 10 consumer internet companies, along with hundreds of other retailers, financial institutions, marketplaces, gaming companies and more have adopted Jumio products and services to help speed through customer sign-up and checkout processes, and drive higher completion rates and satisfaction. Jumio has received numerous innovation awards from leading industry associations and is listed on The Sharepost 100 as one of the world’s most innovative and compelling private companies.
Jumio’s flagship products include BAM Checkout™, which enables customers to complete a mobile checkout in seconds by scanning their credit card (utilizing Jumio’s award winning technology Netswipe) and driver license, resulting in increased revenue and reduced fraud for the merchants. Netverify® for web and mobile supports real-time ID verification of credentials issued by over 120 countries to help clients meet a variety of know-your customer requirements.
Jumio 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, Jumio operates globally with offices in the US and Europe and processes credentials issued by over 100 countries.