Mobile payments management company Jumio has unveiled the enhanced version of its credit card scanning and validation technology, Netswipe 2.0.
The company has reduced the platforms’ card scanning process from about five seconds down to a mere instant.
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The new platform now incorporates the scanning technology directly into the businesses’ app through the Netswipe SDK, enabling customers to scan their credit card with a smartphone or tablet in as little as one second.
The platform also enables users to scan and extract the customer’s name, in addition to the 16-digit card number and the expiration date.
"Customers now only need to enter the 3-digit CVV number to complete the transaction," the company said in a statement.
It is available for merchant apps running on iOS and Android and requires 30 minutes of developer time to embed in the merchant’s mobile app.
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By GlobalDataNetswipe can be used with Visa, MasterCard, Diners Club, American Express JCB, Union Pay and Discover cards.
Jumio CEO Daniel Mattes said, "Businesses spend a great deal of money and effort bringing customers to their checkout pages, only to have the majority of these transactions be abandoned on old fashioned, labor intensive checkout forms. Payment friction is the culprit and businesses no longer need to lose sales because of it."
