New Mobile Commerce Capabilities Mark Equifax Entry into Mobile Payments Market
Equifax Inc. announced its partnership with Jumio, an industry leader in the mobile commerce space that specializes in payments and ID scanning and validation products for mobile and web transactions. The companies will be working together in developing a series of solutions that will create a more streamlined, secure mobile transaction process for both consumers and retailers.
One of the biggest challenges facing the mobile commerce industry is shopping cart abandonment. Almost 47 percent of consumers have abandoned a mobile purchase specifically due to the difficulty of entering personal information and card data on a small device. By leveraging the strengths of Equifax 1-Touch Services and Jumio’s proprietary Netverify and Netswipe technology, Equifax will be able to auto-fill the personally identifiable information needed to complete a transaction on a mobile device. Equifax consumer information resources will be utilized in tandem with Jumio’s authentication and validation capabilities to reduce fraud, increase purchases and ultimately improve the consumer mobile commerce experience.
The solutions will also be integrated with the Equifax Mobile Wallet functionality, allowing consumers to access their cards on their mobile device to use for purchases. Shoppers can choose to either scan their credit card with their smartphone, or utilize their smartphones in-store at the checkout counter to complete the transaction. Additionally, users can opt in for instant, store-brand credit card offers. If the line of credit is extended to the user, they can instantly use the card on their mobile device. Most importantly to the consumer – no consumer credit data is stored or cached on their smartphones.
“The partnership with Jumio will bring our mobile commerce capabilities to the forefront of a very dynamic, cutting-edge industry,” said Anand Krishnaswamy, Vice President of Mobile Commerce, Equifax Inc. “Our joint initiatives are unmatched in the market, and we’ll be working very closely with Jumio to take our technologies and solutions to the next level by making mobile transactions easier than ever and more secure for consumers and retailers alike. Consumer identity verification, device authentication and credit card origination can now be done in real-time with just the tap of a finger.”
“Our mission is to provide our clients and their consumers with the ability to conduct a wide range of mobile transactions without a single keystroke. Our new partnership with Equifax is a key milestone on that path and we’re delighted to be partnering with the global leader in this endeavor,” said Daniel Mattes, Jumio founder and CEO. “Once we properly authenticate an opted-in customer, we now can draw upon hundreds of millions of credit cards and other consumer information records to enable consumers to expeditiously complete transactions. That’s a real game changer.”