Jumio Inc., an online and mobile credentials management company, today introduced BAM Checkout, a new, all-in-one credit card and identification scanning technology for mobile retailers, according to a press release. BAM Checkout's embeddable product is intended to provide a simple checkout experience by enabling users to bypass nearly all manual key entry when completing a mobile purchase.

Jumio said in the announcement the product name pays homage to the chemical BAM, a compound of Boron, Aluminum and Magnesium, which produces the least amount of sliding friction of any substance in the world.

Also announced today was Jumio's 2014 mobile holiday shopping report, projecting up to $8.6 billion in mobile-commerce sales losses due to outdated mobile checkout processes.

"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, 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-labor-intensive checkout experience. Our applied computer vision technology closes that gap."

With BAM Checkout, users looking to transact on mobile tap the "scan info" button embedded into the checkout page and successively hold their credit card and front or back side of their driver license up to their smartphone camera, according to the annoucement. 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 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, according to the announcement. 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 driver licenses issued by authorities in those locales. In other locations, BAM Checkout may be implemented with credit card scanning only.