Card.io has launched a consumer facing app that will enable P2P payments by capturing an image of a payment card with a mobile device’s camera. Card.io’s solutions recognize the numbers on a payment card, eliminating the need for the consumer to enter them manually.
With its new consumer-facing app, Card.io is actually now competing with some of its developer partners, as it, too, will enable easy, person-to-person mobile payments. After “scanning” the card using the app, Card.io users will enter in their friend’s email address to send them a receipt and the money is transferred to either their bank or PayPal account within seven days. The app is free and there are no monthly charges, but pricing is 3.5% plus $0.30 per transaction.
The app is available for both iPhone and Android.