Jumio announces Port, a device-based digital wallet infrastructure
Jumio, an online and mobile payments and credentials management company, has announced the launch of Jumio Port, a new secure embedded wallet infrastructure that integrates with mobile operating system utilities such as Apple Passbook and the recently-launched Samsung Wallet.
With Port, consumers can make one-click purchases and transactions requiring identity verification, without having to download a standalone wallet app, as is the case with most digital wallet offerings today.
Port is the next generation of Jumio's Netswipe and Netverify products, which are used by hundreds of online and mobile merchants to enable credit card and ID scanning and validation for seven types of credit cards and IDs issued by more than 90 countries.
'Unlike today's digital wallets that function solely for mobile payments and require consumers to download individual merchant apps, Port enables efficient transactions in both digital and real world environments, mirroring the full functionality of a traditional wallet,' said Jumio CEO, Daniel Mattes. 'The current absence of a comprehensive device-based wallet offering that is securely integrated into the merchant apps at the point of transaction is what has hindered the adoption of mobile wallets from reaching the critical tipping point.'
Port technology integrates directly into a merchant's mobile app on the checkout page or at the point of transaction. First time users scan their payment or ID credentials with their smartphone's camera, rather than engaging in time consuming key entry to complete a purchase, open an account or conduct a transaction. Once scanned, the credentials are validated for authenticity and passed into the transaction.
At that point, users of the iPhone – the first device that will integrate Port — will tap the 'Save to Passbook' button and their credential is safely stored for future usage. After the consumer has saved his or her payment or ID credentials, the next time they transact in that merchant's mobile app they need only tap 'Pay with Passbook' to complete the transaction.
Initially, Port infrastructure will be associated within individual merchant apps, significantly increasing their user transaction completion rates and revenues by reducing the friction associated with checkout or ID verification. Once there is a critical mass of participating merchants, the system will open to a broader network. This will allow a customer who has never had an interaction with a new merchant to also leverage Jumio Port to speed through the checkout page or authentication process with one tap ease.
Because customer data security is so critical to the adoption of digital wallets, Jumio also announced the formation of a member-owned and operated industry standards organisation to be known as Customer Information Storage and Transmission Association (CIESTA). Today's standards for personally identifiable information largely apply to collection, sharing, privacy and notifications, but not specifically to storage and transmission of this information. CIESTA intends to fill this gap in order to create a safe and secure environment.
Port will be available to all merchants late in the first quarter of 2014.
