Jumio has today introduced BAM Checkout, a new,
all-in-one payment card and identification scanning technology for mobile
retailers. BAM Checkout’s embeddable solution provides a frictionless checkout
experience by enabling users to bypass nearly all manual key entry when
completing a mobile purchase. The product name pays homage to the chemical BAM,
a compound of Boron, Aluminium and Magnesium, which produces the least amount
of sliding friction of any substance in the world.
Also announced today is Jumio’s 2014 Christmas peak
season mobile shopping analysis which projects up to £2.5 billion in mobile
commerce sales losses due to outdated mobile checkout processes.
“Shopping cart abandonment accounts for billions of pounds of lost revenue every year, and a major portion of those losses are entirely avoidable,” said Daniel Mattes, founder and CEO, Jumio. “The increasing sophistication of our mobile devices, as well as rising consumer expectations of their mobile experience, have both leapt ahead of the still labour-intensive checkout experience. Our applied computer vision technology closes that gap.”
With BAM Checkout, users looking to transact on mobile
simply tap the scan info button embedded into the checkout page and
successively hold their payment card and driving licence up to their smartphone
camera. The scanning process is completed in a matter of seconds, and the
extracted data auto-populates the existing checkout fields with all of the
user’s required information. To ensure security, no photos of credentials are
taken or stored on the smartphone.
The application is available in the USA and the UK owing to the availability of address information on driving licences issued by authorities in those locales.
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