Jumio Inc. has introduced BAM Checkout, putting together its identification and credit card scanning technology to streamline mobile payment acceptance.
The embeddable checkout allows consumers to circumvent almost all manual key entry of credit card and identification credentials when purchasing through a mobile device.
Shopping cart abandonment accounts for billions of dollars of lost revenue every year, and a major portion of those losses are entirely avoidable, said Daniel Mattes, founder and CEO of Jumio, in an Oct. 21 press release.
According to Jumio's 2014 mobile holiday shopping report, the company projects nearly $8.6 billion will be lost on mobile commerce because of outdated checkout processes.
With BAM Checkout, consumers tap scan info and hold their credit card and front and back of their ID in front of their smartphone's camera. The extracted data then auto-populates the checkout fields. The company said the product reduces the average two minute, 75 manual keystroke checkout entries to a scanning solution that takes only seconds.
BAM Checkout is available for both iOS and Android.