Friday, June 24, 2011

Software Will Win Over Hardware Approaches to Mobile Payments, card.io Says

"Pay with a credit card by taking a picture of it" is at the heart of card.io's mobile commerce platform. When it's time to make a payment in your app, card.io activates your phone's camera and pulls up a green frame on the screen. Put your credit card within the green frame, snap a photo, and card.io's proprietary technology will scan the card for whatever information is necessary to make a transaction.

The actual transactions are processed by third-party payment processors used by the merchant. Finally, your credit card information is immediately deleted from your phone.

Co-founder Mike Mettler, a former developer at AdMob, said the company was betting that in the long-run, software approaches will win over hardware approaches.


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