Jumio is about to move ahead with mobile credit card processing. The best part? It doesn’t require hardware for the retailer; it’s a software only affair.
The software runs on any smartphone. The shop owner downloads the app to their own smartphone. Then when a customer shows up with a credit card, the owner starts the app, puts in the item’s name and the item’s price. Then the software connects up with Jumio’s existing payment server, the shop owner takes a picture of the credit card, enters the CVV code, and payment is complete.
This is not a new market for Jumio. A few months ago they began offering a service that allows online retailers to take credit cards from those who hold their card in front of their web cams as a valid payment method, and this new method is quite similar to that.
The new service is competing with Square and Intuit, but this one may have an edge because additional hardware is not required.