Daniel Mattes, CEO of Jumio: "Wireless Carriers to Challenge Credit Card Companies?"

"It's interesting to observe that these major telecom companies would choose to address the payment problem on their own, rather than leverage the competencies of the major credit card companies. Why would they want to walk down this path on their own?" asks Daniel Mattes, internationally recognized IT and payment expert, co-founder of Jajah.com, a VoIP service acquired by Spanish Telefonica in December 2009 for $207M and founder of Jumio.com, an online payment solution provider.

Great job at card present transactions

Credit card companies are doing a great job at "card present" transactions, by providing fast processing, low fees for merchants and excellent service for the customer. In the online world, however, where there are "card not present" transactions taking place, significant improvement is needed. According to Javelin Strategy & Research (2009), the annual cost of credit card fraud is $191 billion. Compare this to the consumer energy costs of the entire USA per year which is at $200 billion. What's missing is that credit card companies have not been able to convince the PC and smartphone industry to equip their devices with a credit card reader.

About Jumio Jumio provides a payment solution for everyday mobile and online transactions, allowing individuals and businesses to settle payments and micropayments in a secure, easy and universal process. Jumio is headquartered in Mountain View, California, the development center is situated in Austria. The company was founded in 2010 by Daniel Mattes and currently employs around 50 people, with plans for immediate expansion.