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.