Facebook co-founder Eduardo Saverin has announced that his latest venture, Jumio Inc., has launched a brand-new secure embedded wallet infrastructure that integrates into existing OS wallets and utilities like Apple Passbook and Samsung Wallet.
Called Jumio PORT, it allows consumers to make one-click purchases and transactions that require identity verification, without needing to download a second wallet app.
Port is part of the same set of Netswipe and Netverify products used by online and mobile merchants.
"Unlike today's digital wallets that function solely for mobile payments and require consumers to download individual merchant apps, PORT enables efficient transactions in both digital and real world environments, mirroring the full functionality of a traditional wallet," said Jumio CEO Daniel Mattes in a press release earlier today.
"The current absence of a comprehensive device-based wallet offering that is securely integrated into the merchant apps at the point of transaction is what has hindered the adoption of mobile wallets from reaching the critical tipping point."
Port works by integrating directly into a merchants mobile app or their checkout page instead. First-time users scan their payment or ID credentials with their smartphone camera – thus cutting out the arduous entry of card details – and once done they'll be validated for authenticity and saved to complete the transaction.
You can then save this to Passbook – as it'll be available on iOS first – and it's there for you to use for seamless future payments.
Initially Port works with individual merchant apps to help speed up the checkout process. However, once there's a "critical mass" of participating merchants, the system will be opened up to a wider range.
You can also use Port's ID features to summon a copy of it for verification at other locations such as hotels or car rentals.
It certainly all sounds good, and should be a wonderful addition to the payments world once released and implemented, but does it have the potential to really change how mobile payments are handled?
Could it actually gain wide-spread integration and use?
Let us know by sharing your thoughts below.