The mobile payments credentialing company Jumio has added features to Netswipe, its credit card scanning and validation technology, including near-instant processing speed and more comprehensive card data extraction.

With Netswipe, consumers use their mobile phone or computer camera to scan their credit card, eliminating the need to key enter the information. Jumio said the functionality reduces the friction that causes online and mobile shopping cart abandonment, and that businesses with Netswipe in their mobile apps see conversion rates increase as much as three to five times.

With Netswipe Version 2.0, businesses that incorporate the scanning technology directly into their app via the Netswipe SDK can reduce card scanning time from five seconds to as little as one second, Jumio said. The updated version also scans and extracts the customer's name, in addition to the 16-digit card number and the expiration date, meaning customers now only need to enter the three-digit CVV number to complete the transaction.

"Jumio is committed to helping merchants provide the most secure and frictionless technology for online and mobile payments," Jumio CEO Daniel Mattes said in a news release. "Businesses spend a great deal of money and effort bringing customers to their checkout pages, only to have the majority of these transactions be abandoned on old-fashioned, labor-intensive checkout forms. Payment friction is the culprit, and businesses no longer need to lose sales because of it."

Netswipe 2.0 is available for merchant apps running on iOS and Android and requires as little as 30 minutes of developer time to embed in the merchant's mobile app. To use it, consumers simply tap the "scan card" button and hold their card up to their smartphone camera in a seamless experience that appears to be part of the merchant's app. Netswipe can be used with Visa, MasterCard, Diners Club, American Express JCB, Union Pay and Discover cards.

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