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shopping analysis (www.jumio.com/press-releases/), projecting up to £2.5 billion in mobile commerce sales losses due to outdated mobile checkout processes.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.”
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.”
Sunak to use budget to expand apprenticeships in England
LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.
Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.
The scheme will extended by six months until the end of September, the finance ministry said.
Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.
Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.
Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.
(Reporting by Andy Bruce, editing by David Milliken)
UK seeks G7 consensus on digital competition after Facebook blackout
LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.
Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.
“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.
“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”
Dowden said recent events had strengthened his view that digital markets did not currently function properly.
He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.
“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.
Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.
“Nick strongly agreed with the Secretary of Stateâ€™s (Dowden’s) assertion that the governmentâ€™s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.
Britain will host a meeting of G7 leaders in June.
It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.
The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.
Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.
(Reporting by William James; Editing by Gareth Jones and John Stonestreet)
Britain to offer fast-track visas to bolster fintechs after Brexit
By Huw Jones
LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.
“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.
Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.
Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.
The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.
“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.
Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.
The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.
It also recommends more flexible listing rules for fintechs to catch up with New York.
“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.
“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”
Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.
“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.
A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.
“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.
The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).
“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.
($1 = 0.7064 pounds)
(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)
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