Thursday, July 28, 2011

Move over Square! Here come Jumio!

We have discussed Square and it's credit card processing via a smart phone from the makers of Twitter. Well they may be getting pushed out a bit by Jumio. Jumio from the Co-Founder of Facebook, is threatening to take a chunk of the pie from Square. This new technology allows the simply a picture of a credit card to be used as a way of making a transaction. The smart phone simply scans the card similiar to the way a barcode scanner would work on your smart phone. How can this be you ask? The technology behind Jumio allows it to sense things such as if the card is actually plastic and if the hologram is real and if the numbers are embossed. They claim it is not only secure but has the ability to interface with E- Commerce. This means that if implemented, instead of entering credit card information you simply upload a picture of your card.  I'm not sure how many customers will feel comfortable about the idea of their credit card picture floating around out there. Time will tell....

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