Dive Brief:
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Credit-card and identification scanning software company Jumio Tuesday unveiled a mobile payment system that allows for payment and driver’s license scanning at point of purchase.
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The product, called “BAM Checkout,” streamlines the checkout process, although it comes a day after the launch of Apple Pay, arguably an even more simple process used in-store as well as online.
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Jumio works with Android as well as iOS.
Dive Insight:
While many expect Apple Pay to overtake mobile payments, which have yet to mature, startups like Jumio are likely to come online to challenge it and perhaps offer solutions Apple Pay doesn’t. One big question is whether the credit card itself is destined for obsolescence very soon, or whether they’re here to stay — especially with products like BAM Checkout to aid with security and identification concerns.