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Card.io takes on mobile payment through credit card photos

updated 08:15 am EDT, Fri June 24, 2011

Card.io snaps credit cards for payments

Two ex-Admob executives have launched a new mobile payment system for both iOS and Android devices. The Card.io payment system is designed to work as embedded code within a third-party app. At the time of purchase, a Card.io-enabled app is launched by the user and snaps a photo of their credit card. The built-in Card.io functionality then scans the card for the necessary information required to process a payment through the participating merchant's third-party payment system. Upon completing the transaction, the data is immediately deleted.

Card.io is being proposed as alternative to current point of sale payment options where a user swipes their credit card through a merchant's hardware. It is also designed as an alternative to newer, but still hardware-dependent, mobile payment solutions currently being developed built on NFC technology.

The principal advantage of the system for the end-user is card security. For merchants, it has the potential for reducing payment-processing costs as they do not need to install payment processing hardware. An SDK is currently under development and will soon be made available to iOS and Android developers.







By Electronista Staff
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Comments

  1. daqman

    Junior Member

    Joined: Sep 2000

    +1

    Therein lies the rub...

    "Upon completing the transaction, the data is immediately deleted."

    I've lost count of the number of times I've been to a vendor's website and found my credit card information stored there without my permission. Personally I'd rather see the type of system of the kind used by PayPal or ShopSafe where the transaction is handed off to the banks servers contacted over SSL to a secure website at the bank and you do the transaction using information that only the bank sees.

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