We hope you haven’t gotten tired of companies who are trying to capitalize on mobile payments because we expect this topic to remain hot for a while. The latest contender is a company called card.io. Unlike other companies that are looking to take advantage of mobile payments in the retail space, card.io is focused on payments that are made through applications on smartphones.
Card.io uses existing smartphone technology to make mobile payments easier. Card.io’s method involves taking a picture of your credit card to process payments instead of typing all those numbers in. Card.io has developed a SDK for interested developers to integrate into their apps. The company is encouraging developers to sign up for early access to the SDK through its website.
The obvious concern here is security. Card.io says it never stores the pictures of credit cards or their identifiable numbers. It encrypts every transaction while allowing developers to use whatever payment provider they choose.
Card.io currently charges $0.15 per scan, but will not charge nonprofit organizations who choose to use card.io.
There may still be a big concern among consumers who are worried about taking pictures of their credit cards. That is probably card.io’s biggest obstacle right now.