Jumio’s Netswipe technology is about to revolutionize online credit card payments. The tech scans credit cards with webcams and uses the encrypted video to assess whether the card is real (plastic, raised letters, et cetera) and to record the card number and info. Users then enter the security code via keyboard and the transaction is complete! GigaOM reports that creator Daniel Mattes found a 36% reduction in fraud costs and 2.3 minutes saved per transaction when the Netswipe tech was tested in a six-week trial.
Jumio’s program scans credit cards and processes payments, turning web purchases into something more like point-of-sale transactions. The company’s advisors include Zain Khan (formerly a Google exec), Mark Britto (formerly an Amazon exec) and Maarten Linthorst (formerly a NASA partner). Eduardo Saverin (co-founder of Facebook) has contributed to Jumio’s funding.