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October 10, 2013

Facebook co-founder unveils device-based digital wallet infrastructure, Jumio PORT

Eduardo Saverin's latest venture enables merchants to offer users one-tap ease to conduct payments or verify identity.

By Claire Vanner

Jumio has launched Jumio PORT, a new secure embedded wallet infrastructure that integrates with mobile OS utilities such as Apple Passbook and the recently-launched Samsung Wallet.

Jumio is the latest venture of Facebook co-founder Eduardo Saverin and is the fast growing online and mobile payments and credentials management company.

With PORT, consumers can easily make one-click purchases and transactions requiring identity verification, without having to download a standalone wallet app, as is the case with most digital wallet offerings today.

Jumio has introduced PORT as the next generation of Jumio’s Netswipe and Netverify products, leveraged by hundreds of online and mobile merchants, which enable credit card and ID scanning and validation for seven types of credit cards and IDs issued by more than 90 countries. PORT will be available to all merchants in late Q1 of 2014.

"Unlike today’s digital wallets that function solely for mobile payments and require consumers to download individual merchant apps, PORT enables efficient transactions in both digital and real world environments, mirroring the full functionality of a traditional wallet," says Jumio CEO Daniel Mattes.

"The current absence of a comprehensive device-based wallet offering that is securely integrated into the merchant apps at the point of transaction is what has hindered the adoption of mobile wallets from reaching the critical tipping point."

PORT technology integrates directly into a merchant’s mobile app on the checkout page or at the point of transaction. First-time users scan their payment or ID credentials with their smartphone’s camera, rather than engaging in time-consuming key entry to complete a purchase, open an account or conduct a transaction.

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Once scanned, the credentials are validated for authenticity and passed into the transaction. At that point, users of the iPhone – the first device that will integrate PORT — will tap the ‘Save to Passbook’ button and their credential is safely stored for future usage. After the consumer has saved his or her payment or ID credentials, the next time they transact in that merchant’s mobile app they need only tap ‘Pay with Passbook’ to complete the transaction.

Validated and stored credentials can also be summoned from the Passbook or other device-based wallet and used in real world situations such as showing an ID at hotel check in or car rental.

Because customer data security is so critical to the adoption of digital wallets, Jumio also announced the formation of a member-owned and operated industry standards organization to be known as CIESTA (Customer Information Storage and Transmission Association). Today’s standards for PII (personally identifiable information) largely apply to collection, sharing, privacy and notifications, but not specifically to storage and transmission of this information. CIESTA intends to fill this gap in order to create a safe and secure environment in which businesses and consumers may transact with confidence.

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