The joint companies will collaborate to develop a series of solutions for mobile transactions. By integrating Equifax 1-Touch Services with Jumios proprietary Netverify and Netswipe technology, Equifax will be able to auto-fill the personally identifiable information needed to complete a transaction on a mobile device. Equifax consumer information resources will be used in tandem with Jumios authentication and validation capabilities.
The solutions will also be integrated with the Equifax Mobile Wallet functionality, allowing consumers to access their cards on their mobile device to use for purchases. Shoppers can choose to either scan their credit card with their smartphone, or use their smartphones in-store at the checkout counter to complete the transaction. Additionally, users can opt in for instant, store-brand credit card offers. If the line of credit is extended to the user, they can instantly use the card on their mobile device, no consumer credit data is stored or cached on their smartphones.
One of the biggest challenges facing the mobile commerce industry is shopping cart abandonment. Almost 47% of consumers have abandoned a mobile purchase specifically due to the difficulty of entering personal information and card data on a small device, according to Jumio 2013 Mobile Consumer Insights Study.
Jumio is a payments and ID software-as-a-service company that uses proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud. The company 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, California Jumio operates globally with offices in the US, Europe and Asia.
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