Netswipe introduces online payment system by utilizing webcams

Ever since Amazon launched in 1995, online shopping has experience a massive boon over the past number of years; Alongside the many issues that had emerged from this, online payments have quickly become a hot topic among consumers and retailers. With online fraud becoming a major problem for all, newer and more secure ways of online payment are required to combat this.

Jumbo, an online payment company, have created Netswipe which allows businesses and online vendors to process payments easier and faster. When purchasing a product, all a consumer needs is a webcam and their credit card to work it.

Once you’ve scanned your credit card with your camera, you are required to enter your three or four digit Card Verification Value (CVV) security code, normally located at the back of a credit card, to complete the transaction.

Your webcam turns on during the payment process to scan the card and verify its authenticity. No details are stored when the transaction is completed and your webcam switches off automatically. If there isn’t a webcam to use, then transactions will be handled like a regular payment with consumers completing a payment form manually.

Companies who wish to use the new technology must embed a HTML code onto their site. The technology is free for both retailers and consumers to use and supports over 150 different currencies.

The company has developed the technology in cooperation with multiple universities and Computer Vision institutes and claim to have tested 1,000,000 different samples to ensure the technology is completely accurate in recognising legitimate cards.

The basis behind the payment and scanning features is the Jumio’s Payment Platform (“JUMP”); the company says that it incorporates the latest technology and security standards to ensure transactions are secure and that billions can be carried out simultaneously if required.