Card.io Snaps Photo of Credit Card for Online Payments

In recent mobile news, two former executives from AdMob have just launched a seemingly novel mobile commerce platform that scans your credit card via your phone's camera. Known as Card.io, this app targets developers by giving them the SDK to drop into their codes. For example, this could very easily complement a location-based coupon service or movie ticket app.

Whenever it is time to make a payment in your app, card.io activates your phone's camera and displays a green frame on screen. You then place your credit card into the frame, take a picture of it, and Card.io's proprietary technology will scan the card in order to receive the desired information. The transactions themselves are performed by third-party payment processors used by the merchant. After that, your credit card information is deleted immediately from your phone for security.

Mike Mettler, a co-founder of the app and pre-Google developer at AdMob, said that the company was betting that in the long run, software will win out over hardware-dependent mobile payment solutions like the ones developed by Isis and Google Wallet. Unlike those two, Mettler is not concerned about being able to use your phone to buy anything a credit card can buy. "I'm never going to buy a mortgage on my phone," he stated.

Mettler went on to say that, "One of the biggest lessons I learned at AdMob is that mobile consumer behavior is different, it's not just about taking Web payments and cramming it into a smaller screen. Mobile payments are good for time-sensitive payments, like hotel reservations or Groupon Now, an instant activation feature."

Card.io is currently in talks with a "Craigslist competitor" about implementing a secure mobile payment solution that would not require buyers to meet up with a stranger holding a load of cash. What do you think? Is this app a good idea? Or is the thought of having sensitive credit card information streamed through your phone a little to invasive or risk-inducing?

Source: PC Mag - Former AdMob Execs Tackle Mobile Payments, Photograph Credit Cards

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