Card.io releases a new card-scanning payment app using the smartphone camera

Online payment solutions provider Card.io has released a new proprietary app solution enabling consumers to make P2P payments by scanning their card with their smartphone camera. The app is now available for Android and iOS users. Payments are made by entering the recipient’s email address (to which the receipt is sent), entering the amount and scanning the card with the smartphone’s camera – the funds are then deposited into the specified bank or PayPal account within 7 days. The maximum amount for each transaction is $999.99. Although the app is free to download, a surcharge of 3% is applied to each payment as well as a fixed fee of $0.30. Card.io is competing with PayPal mobile, Square dongle and Google wallet in this share of the market but the latter two’s products are more geared towards businesses than consumers.

Card.io is also introducing an improved mobile SDK (software development kit) enabling other developers to integrate the Card.io mobile payment app with their own apps. Card.io is therefore effectively edging into payment network provider market. So far over 160 apps have linked up with the Card.io app, including Venmo, Qthru, Newegg, Spotze, EventDay, Clinkle, TaskRabbit, Ambur, BeagleApp, Floktu and WillCal, alleges TechCrunch.com.  Card.io’s main competitor in this field is Jumio which offers a similar service for mobile devices and computers. However, Jumio recently raised $25.5 million of investment, on top of $6.5 million raised in March 2011 whilst, according to TechCrunch.com, Card.io has received just $1 million of seed funding from angel investors.

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