The Netswipe Mobile Software Development Kit (SDK) is set to allow developers to add credit card scanning capabilities to their applications without extra hardware needed. The mobile SDK is currently available for iOS devices.
Jumio’s first product dubbed Netswipe has been launched in Europe in 2011 and allows e-commerce website owners and internet retailers to process online and mobile payments by having customers ‘swipe’ their credit cards using virtually any webcam. Basically, the webcam uses Jumio’s patent-pending technology to scan and read the card to enable payments. To complete a transaction, consumers have to hold their credit card in front of their webcam. The credit card details will be recognized and verified. Credit card info is streamed to Jumio’s servers.
In recent news, Jumio has secured USD 25.5 million in Series B funding round led by venture capital firm Andreessen Horowitz. The company has revealed plans to use the new capital to hire new people and expand merchant and network partnerships across the US and Asia in retail, travel, gaming and digital goods.
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