US payment company Jumio has released technology which it claims turns any webcam into a secure credit card reader making it easier for merchants to accept online payments.
The technology, known as Netswipe, claims to be the first and only solution that enables online card-present-transactions similar to the experience users have of paying at a point of sale. Consumers hold their credit card in front of their webcam and the details are recognised and verified through secure video streaming.
Jumio claims Netswipe can help business owners reduce fraud and increase sales with a better user experience while customers can be reassured that no snapshot image is taken and no data is stored on the computer used for payment.
Jumio founder and CEO Daniel Mattes said the technology bridged the gap between the security and trust of credit card payments and the convenience of modern day online transactions. "Netswipe promises to usher in a new era of disruption that makes online payments easier than ever before," he claimed.
A customer survey conducted during Netswipe's pilot phase found the churn rate decreased from 52% to 21%.
Jumio has introduced three products for merchants based on Netswipe and a mobile solution will be released later this year.