Mobile payment-focused Jumio has announced its latest product dubbed Port, which aims to make online transactions easier with an embedded wallet infrastructure on iOS and Android.
Jumio is backed by Facebook co-founder Eduardo Saverin and investor Andreessen Horowitz. Port will integrate with Apple Passbook and Samsung Wallet for customers to make one-click purchases from their mobile devices.
Port will be available to merchants in Q1 of 2014 to embed into their online mobile apps, beginning on iOS and later coming to Android. Building upon Jumio's Netswipe and Netverify products, using Port users scan their payment or ID credentials with their smartphone's camera. Once scanned, the credentials are validated for authenticity and passed into the transaction to complete the payment.
Here's where Port gets neat: for future purchases, users can tap the "Save to Passbook" button within Jumio to store credentials safely inside of iOS's Passbook (or Samsung's Wallet). After the user has saved payment or ID credentials, the next time they transact in a store's mobile app they'll only need to tap "Pay with Passbook" to complete the transaction.
We can see where this technology will come in handy, especially considering it can be relatively time consuming typing out payment credentials for every purchase from your mobile phone. Jumio hasn't made it clear how users' information will be protected and verified for every future purchase (password or pin code maybe), but it has joined with the CIESTA (Customer Information Storage and Transmission Association) to keep up with storage and transmission standards of payment information.
Port will go beyond mobile offering payments in real-world situations like an ID at a hotel check in or car rental. " In this instance, the iPhone-using consumer initiates the process by tapping on their ID credential visible within Passbook to show the merchant rather than summoning credentials in the context of completing a transaction within the merchant’s app," Jumio writes.
The key for Jumio will be getting plenty of retail partners to sign on. The company announced at the Money2020 conference in Las Vegas on Wednesday Airbnb and Fab are current Jumio customers.