Using Cameraphones to Scan Credit Cards for M-Commerce
Published on: 24th Jun 2011
Note -- this news article is more than a year old.
A start up company founded by two former AdMob employees has developed a piece of software that uses a smartphone camera to scan a credit card then automatically read in the credit card details for use in a mobile website transaction.
The Card.io start-up, founded by Mike Mettler and Josh Bleecher Snyder has raised US$1 million in seed round of funding.
Rather than target retailers, card.io is targeting iOS developers in e-commerce, local, ticketing, travel, and daily deal apps with a private beta launch. card.io is working with MogoTix for event tickets, TaskRabbit for local services, and SamaSource for donations.
"We're betting that, over the long term, software will win out over hardware-dependent payment solutions," said Mike Mettler, co-founder and CEO of card.io. "Because we're software, we can scale and improve more quickly. Also, we can reach every device owner from day one - as long as you have your phone, just point and pay."
Currently though, the software is limited to working on Apple based products only.