NXT-ID (NASDAQ: NXTD) Chief Technology Officer Comments on
Technology Differentiation of Wocket vs. Apple Pay
SHELTON, Conn. - October 20, 2014 NXT-ID, Inc., (NASDAQ:
NXTD)
("NXT-ID" or the "Company"), a biometric authentication
company focused on the growing mobile commerce market issues a recent blog
entry from Mr. David Tunnell, Chief Technology Officer. Mr. Tunnell breaks down
Apple Pay in the first of many blog posts examining alternative payment methods
in a compare and contrast with their upcoming smart wallet, Wocket.
Excerpt:
With
Apple Pay releasing this Monday, critics and fans alike are flush with opinions
on the new payment feature in the iPhone 6. Although cell-phone based digital
wallet payment solutions promise a more convenient and secure way to pay, they
have fallen short of expectations achieving very little traction in the payment
industry. Stunted by low adoption rates with both consumers and retailers, cell
phone based payment solutions leveraging NFC simply further fragment an already
fragmented industry, with only new iPhone 6 owners and an estimated 5% of point
of sale terminals in the United States currently able to support Apple Pay. Large
retailers such as Wal-Mart, Target and Best Buy are not expected to accept
Apple Pay due to their involvement in yet other mobile payment solution, MCX.
Wocket™
doesn't attempt to render the wallet extinct – but rather enhance it. We aren't
trying to force a new payment method, but rather be agnostic, supporting any
payment system that consumers desire. With a focus on privacy and security,
Wocket™ is not just another payment solution, Wocket™ is instead positioned to
become the cornerstone of all future payment technologies.
Wocket™
is the first and only smart wallet, unique to the industry, adding electronics
to wallets that have been around, and by all accounts will continue to be
around, for decades. Unlike cell phone dependent and connected technologies,
Wocket addresses the weaknesses that have thwarted previous digital and
electronic wallets:
·
Wocket™ works without a smart-phone, disconnected from cloud-based
services, and maintains all the features of a wallet within a secure personal
vault, biometrically locked so only the owner of the information may gain
access.
·
Wocket™ works at all POS and ATMs, as well as provides a platform for
future technologies such as secure wireless payments. You can't put your
smartphone in an ATM!
·
Unlike cell phones, Wocket™ provides the quickest possible way to access
personal information as well as select payment accounts. With a battery life
that allows for at least 6 months between charges, you will never be without a
way to pay.
Wocket™ enables users to customize
and carry whatever they need. It's truly the first universal and secure,
payment solution.
As new payment technologies emerge, the fact remains that
consumers will still carry a wallet to access ATMs, pay when their phone dies
or loses signal, and checkout at locations that don't support NFC. Rather than
a few hours of battery life between charges, an unprecedented minimum of 6
months can be achieved with typical use of Wocket™. In addition, Wocket™ is the
only secure vault with a flexible platform that encompasses more than just a
single payment method, and works everywhere you use your cards today.
Mr. David Tunnell, Chief Technology Officer
About NXT- ID Inc. - Mobile Security for a Mobile World:
(NXTD) (NXTDW):
NXT-ID, Inc.'s innovative MobileBio®
solution mitigates consumer risks associated with mobile computing, m-commerce
and smart OS-enabled devices. The company is focused on the growing m-commerce
market, launching its innovative MobileBio® suite of biometric solutions that
secure consumers' mobile platforms led by the Wocket™ ; a next generation smart
wallet designed to replace all the cards in your wallet, no smart phone
required. The Wocket works anywhere credit cards are accepted and only works
with your biometric stamp of approval.
NXT-ID' wholly owned subsidiary, 3D-ID LLC,
is engaged in biometric identification has 22 licensed patents in the field of
3D facial recognition
Forward-Looking
Statements for NXT-ID:
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements reflect management's current expectations,
as of the date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein with
respect to the successful execution of the Company's business strategy. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish and
maintain the proprietary nature of our technology through the patent process,
as well as our ability to possibly license from others patents and patent
applications necessary to develop products; the availability of financing; the
Company's ability to implement its long range business plan for various
applications of its technology; the Company's ability to enter into agreements
with any necessary marketing and/or distribution partners; the impact of
competition, the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology; and
management of growth and other risks and uncertainties that may be detailed
from time to time in the Company's reports filed with the Securities and
Exchange Commission.
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Disclosure: As of June 2014,
NXT-Id renewed for five thousand per month and average of two thousand five
hundred 144 shares (cash equivalent) for news publication and marketing of
Wocket smart wallet. More info:
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