New, Comprehensive Checkout Offering Addresses Vexing Industry Problem of Shopping Cart Abandonment
Jumio, Inc., the fast growing online and mobile credentials Management Company introduced BAM Checkout™, a new, all-in-one payment card and identification scanning technology for mobile retailers. BAM Checkout’s embeddable solution provides a frictionless checkout experience by enabling users to bypass nearly all manual key entry when completing a mobile purchase. The product name pays homage to the chemical BAM, a compound of Boron, Aluminium and Magnesium, which produces the least amount of sliding friction of any substance in the world.
Also announced today is Jumio’s 2014 Christmas peak season mobile shopping analysis (www.jumio.com/press-releases/), projecting up to £2.5 billion in mobile commerce sales losses due to outdated mobile checkout processes.
“Shopping cart abandonment accounts for billions of pounds of lost revenue every year, and a major portion of those losses are entirely avoidable,” said Daniel Mattes, founder and CEO, Jumio. “The increasing sophistication of our mobile devices as well as rising consumer expectations of their mobile experience have both leapt ahead of the still labour-intensive checkout experience. Our applied computer vision technology closes that gap.”
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With BAM Checkout, users looking to transact on mobile simply tap the “scan info” button embedded into the checkout page and successively hold their payment card and driving licence up to their smartphone camera. The scanning process is completed in a matter of seconds, and the extracted data auto-populates the existing checkout fields with all of the user’s required information. To ensure security, no photos of credentials are taken or stored on the smartphone.
BAM Checkout greatly reduces checkout time and improves data accuracy, transforming mobile checkout from requiring an average of up to 100 manual key entries that can take nearly two minutes to a card scanning solution that takes only seconds. BAM Checkout greatly improves the customer experience and increases transaction completion rates by more than 10 percent.
In a recent report, Ron Mazursky, Director, Debit Advisory Services at Mercator Advisory Group wrote, “Jumio’s goal is to provide its clients with a frictionless consumer experience to expedite e-commerce transactions for new customers and to enable compliance checking to ensure that customers are who they say they are—in other words to prevent fraudulent transactions.” BAM Checkout continues this goal by offering a new and powerful anti-fraud tool that crosschecks the name on the payment card with the name on the driving licence and immediately flags any variances. Merchants use this information to augment their existing transaction authorisation procedures, with the additional confidence of knowing that their customer is who they say they are, and that they have their actual payment card in-hand at the time of transaction. This has a marked effect on reducing fraud-related chargebacks.
BAM Checkout is available for apps running on iOS and Android and is flexibly integrated directly into a merchant’s current checkout process, requiring as little as one hour of developer time to embed in the merchant’s mobile app. BAM Checkout can be used with Visa, MasterCard, Diners Club, American Express, JCB, Union Pay, and Discover cards. The application supports full functionality for users in the United States and the United Kingdom owing to the availability of address information on driving licences issued by authorities in those locales. In other locations, BAM Checkout may be implemented with payment card scanning only.
“Over three years ago, Jumio zeroed in on payment friction as a serious mobile commerce impediment and we’ve been addressing this issue ever since,” continued Mattes. “We started with payment card scanning and now are pleased to offer a more comprehensive solution that accelerates and replaces most of the traditional data entry tasks required for mobile checkout. This translates to more completed transactions and revenue while providing our clients’ customers with an engaging and superior checkout experience.”