Jumio Netswipe turns any webcam into a secure credit card reader

Payment company Jumio has unveiled a new technology solution for businesses to increase security and ease of use for online and mobile credit card payments. Jumio’s patent pending Netswipe solution turns any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online.

The patent pending Netswipe solution is touted as the first and only solution that enables online card-present-transactions: Checking out just like at the point of sale (POS). To complete a transaction, consumers briefly hold their credit card in front of their webcam. Through secure videostreaming, the credit card details are recognized and verfied. No snapshot image is taken, no data is stored on the computer that is used for the payment.

Jumio’s pre-launch negotiations attracted an impressive list of partners. Facebook co-founder Eduardo Saverin, member of the Jumio board of directors, previously led a Series A funding round of US$ 6.5m and will oversee Jumio’s rollout into the Asian market.