Despite a steady stream of new apps vying for consumer attention and numbers predicting the highest mobile holiday shopping season to date, shopping cart abandonment is a problem that continues to plague etailers, with rates of checkout abandonment on the rise. Today, Jumio introduces BAM Checkout, a new, all-in-one credit card and identification scanning technology for mobile retailers that takes aim at this growing industry issue. 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.
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 mere seconds. Consumers simply tap the “scan info” button on the mobile checkout page and hold their credit card and 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, while no photos of credentials are taken or stored on the smartphone. Customers get the best possible checkout experience and merchants in turn increase transaction completion rates by more than 10 percent.
BAM Checkout was released in conjunction with our 2014 mobile holiday shopping report, which shows that retailers are poised to leave up to $8.6 billion in mobile commerce sales on the table this holiday season due to outdated mobile checkout experiences.