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Have Webcam Will Shop – Image Recognition Checkout Ideal for Mobile

Found that perfect pair of shoes online? Great! Now get the credit card out of your wallet, put it in front of the phone camera and then proceed to click the “buy” button through your mobile phone or tablet.

Online payment company Jumio recently launched Netverify — an image recognition technology that turns any webcam into a secure credit card reader, allowing merchants to easily and efficiently accept payments online. Instead of taking a snapshot image of the credit card or ID and storing the images, Netverify uses secure videostreaming and no data is stored on the computer.

Yup, good news for us online shoppers — this will make the checkout process smoother but bad news for fraudsters. As most online fraud activities occur without the stolen credit card present, this will be the digital equivalent of asking a customer to show ID at the checkout stand.

Eduardo Saverin, co-founder of Facebook sits on the board of Jumio and is also an investor. Other investors include Peng T. Ong, founder of Match.com. The company recently raised $25.5 million in a round of Series B funding led by Andreesen Horowitz.

Based on Netverify’s seamless and consumer-centric focus and the growth of mobile devices, the potential for this technology is looking very promising based on the ease of use. This could make typing in all your credit card details a thing of the past — especially handy for mobile devices with small fiddly keypads and screens.

Now all we have to do is wait for online merchants to adopt it en masse.

Here’s a quick video to show you how it all works.

image credit: jumio

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