NXT-ID Inc (NASDAQ:NXTD) has a portfolio of products that are at the forefront of technology. The company recently announced that one of its subsidiaries will be providing secure payment technology for Token’s biometric identity ring. This ring is part of the IoT landscape that is looking transforming personal identification.
NXTD rallied on the news. The share price climbed a dollar on the announcement and has dropped some of that price in Friday’s trading, but the company’s expanding portfolio and technology is clearly of the value to this budding industry.
NXT-ID Inc (NASDAQ:NXTD) initial focus was primarily to replace the wallets concepts through its path-breaking Wocket product, which replaces the number of cards customer carries in the pocket. It was invented to support all the payment methods currently available.
NXTD is also focusing on a security surveillance system to target the armed forces in the United States. Through biometric solutions like MobileBio, NXT-ID is also focusing on capturing lion’s share in m-commerce market. NXT-ID is focusing on patenting its product to leverage the multi-billion-dollar credit card industry. The opportunity’s for the company are immense, with a mobile market growing by staggering 55% year on year, which will add about $50 billion to m-commerce transactions. The growing number of mobile phones and m-transactions have increased security risk, which NXT-ID is positioned to benefit from.
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The deal with Token is an exciting development because of what it means for the sector as a whole. Here are some important notes from the press below:
“Innovative devices like Token are transforming the payment experience for consumers by combining secure authentication and a frictionless transaction into a sleek, fashionable form factor,” said Michael Orlando, president of Fit Pay, Inc. and COO of NXT-ID. “Its launch helps push the adoption of contactless payments towards an inflection point.”
Token replaces the need for the majority of day-to-day credentials, including credit cards, house keys, passwords and more, while leveraging a proprietary continuous two-factor authentication method – via an ultra-compact fingerprint sensor in the base of the ring and an optical proximity sensor – to ensure no one but the user can ever access the protected credentials.
Fit Pay’s platform will provide the payment capabilities for the device, including full digital wallet functionality with the ability to make contactless payments with an existing credit card. Fit Pay will connect Token to its Trusted Payment Manager™ (TPM™) platform, which is integrated with the leading card networks, and power the digital wallet functionality within the application that supports the device.
“Our vision is to offer a device that streamlines the process of authentication throughout the day, while simultaneously protecting users from identity fraud using advanced cryptography,” said Token Cofounder and CEO Melanie Shapiro. “As we looked to add essential services to Token, contactless payment capabilities were a must-have and Fit Pay platform offered the best end-to-end solution for our users.”
NXT-ID Inc (NASDAQ:NXTD) is an exciting company because of their broad range across the IoT, wearables and the secure payment revolution. The company might need to focus on one platform, but believes it can combine these ideas into a transformative technology suite. NXTD has a $41.81 marketcap with 9.57 million shares outstanding. This is a company to keep on an eye on right now. For more news on fast-moving penny stocks like NXT-ID, please subscribe to OracleDispatch.com below.