A new startup, Jumio, is trying to change the way we use our credit card on the Internet. Christina Warren from Mashable reports that on Tuesday, July 26th, Jumio revealed a new technology that turns any webcam into a reader for credit cards. The technology that Jumio uses is called Netswipe, which can stream videos securely in order to read credit cards. Users can hold their cards in front of the camera and enter their three digit security code on the back of the credit card for security.
Even now, after online payment has been around for over a full decade, there are people that are afraid of putting their credit card number online, with hackers always presenting a threat. This new technology would ease those fears. Some businesses can have difficulty setting up an online payment account, and this could be a more worthwhile option. Having a service that makes both sides feel better about the process of buying things online must be in high demand for buyers and sellers alike.
It will be hard for Jumio to be profitable at first, since the online retail market is already so strong. Through countless websites, gigantic amounts of money change hands each day, even if there aren’t any actual hands there to change it with. Changing that system is a daunting task. But this technology could have an appeal to a lot of scam-conscious consumers and small owners.