The new program is a simple and secure way of accepting credit card payments.
The Silicon Valley-based technology firm Jumio aims to simplify online payments with a new program called Netswipe. This lets people pay using their credit card by holding it up to a webcam, which ‘reads’ it and authenticates the purchase. The web version launched last month, followed by a recent WordPress plug-in that lets bloggers accept payments. Apps for both the iPhone and Android are due to be released in the next few weeks.
A lot of credit card fraud today occurs when someone gets an account number but not the card itself and makes purchases online with the stolen digits. With Netswipe, the recipient is given proof that the card is actually held by the customer and the details are verified through a live video stream. It looks like we’ll be hearing more about Jumio and Netswipe in the future, with Facebook Co-Founder Eduardo Saverin currently leading a $6.5m Series-A round of financing.