US Bancorp is white-labeling a shopping app with UK tech company Monitise to kick-start their commerce and payment services.
The mobile commerce app, Peri, allows users to purchase items from print catalogues or glossy magazines on image recognition.
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US Bank will store the name, address, and card information of the customer and present it to the retailer and payment network when a purchase is made. The intent of the app is to avoid the need to re-enter data for digital checkouts and speed up the process.
According to the bank, one of the technologies that the app uses to facilitate commerce is digital watermarking, software that lets companies embed digital information in audio, images and printed materials. The watermark comes with a serialised number so the brand deploying the tech knows which ad was responsible for which sale.
The software can also be used to scan QU codes.
Dominic Venturo, chief innovation officer for payments at US Bank said: "We think [Peri] is a meaningful value-added service. We’re trying to make it really easy. This is another way to enable the marketer to sell product."
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By GlobalDataUS Bank has recently released a YouTube video that shows how Peri can be used. The bank said it is also landing a pilot partner soon. "We are in active discussions with interesting partners," Venturo revealed. The company announced it is likely to experiment Peri within the fashion industry.
