The technology, called Netswipe, uses secure video streaming to recognize and verify credit card information. Hold a credit card up to the camera, wait for it to initialize and then enter the 3-digit CVN number.
We think Jumio's ideas are interesting, and for businesses that have a hard time with traditional payment processors or for consumers who are iffy about typing their credit card details into a form, this might be a solution.
We have to wonder though how much traction this idea will really have. Credit card readers were once built into computer keyboards and that trend never took off, partly because convincing businesses to adopt alternate payment technologies is difficult.
Still, for online purchases, this could be a better, potentially faster and safer way to make payments.