Jumio Inc., unveiled a new technology solution for businesses to increase security and ease of use for online and mobile credit card payments. The company patented Netswipe solution turns any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online.

In a press release, Daniel Mattes, founder and CEO, Jumio, said, “Jumio bridges the gap between the security and trust of credit card payments at the point of sale and the availability and convenience of modern day online transactions. Consumers love the ease-of-use and the smooth experience associated with completing a transaction. At a time when both consumers and businesses are looking for more efficient and safe ways to make credit card purchases, Netswipe promises to usher in a new era of disruption that makes online payments easier than ever before.”

The only solution that enables online card-present-transactions is Netswipe. It reduces fraud and increase sales due to a heightened user experience. Thus, to finish a transaction, consumers briefly hold their credit card in front of their webcam, through secure videostreaming, and the credit card details are recognized and verified. Hence, the businessmen can put into practice the Netswipe service into their payment process.

Mattes further added, “During our pilot phase, we have conducted a customer survey with a focus group who have used Netswipe. Amongst other impressive numbers, the churn rate decreased significantly from 52% to 21%.”

Eduardo Saverin, said, ‘I am very excited to be involved with Jumio, which has developed a ground breaking technology that fulfills two of the most important aspects of payments processing: heightened security and a simplified user experience.”

Jumio Inc. was recently in news when it unveiled its advisory board as part of laying groundwork for the launch of its online payment solutions, in a press release. People on-board are former Google executive Zain (News - Alert) Khan, former Amazon executive Mark Britto, and Maarten Linthorst, CEO of CSI Communication Systems.

Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.