Awesome: Card.io Is Like Square, Minus The Square
Surely you’ve heard of Square, the startup that allows you to accept credit card payments with your iPhone, their app, and their handy dandy card reader. Well it’s time for Square to move over, because now there’s Card.io, a startup that allows you to accept credit card payments with your iPhone’s camera.
Square accepts payments by reading the black stripe on the back of your credit card. Well, most of the same information actually appears on the face of your card as well: your card number, the expiration date, and your name. So the guys are Card.io thought, “Hey, why can’t we just use your phone’s camera to scan the card and read the information directly from its face?” Thus, Card.io was born. It’s Square — without the square!
The company is in private beta for now, and you can request an invite on their site. It’s available to iOS, with Android support on the way. Card.io will be charging its users initially on a per-scan basis, with plans to take a percentage of each transaction later on.
Card.io has raised $1 million from investors including Michael Dearing, Jeff Clavier and Charles Hudson of SoftTech VC, Manu Kumar of K9 Ventures, Alok Bhanot, and Omar Hamoui.