As Bitcoin Slowly Gains Mainstream Acceptance Digital Wallets and Mobile Payment Platforms Introduce New Patented Technology to Handle Digital Currency

Aug 03, 2015, 08:25 ET from FN Media Group LLC

CORAL SPRINGS, Florida, August 3, 2015 /PRNewswire/ --

Mobile payments and digital currencies have vast potential to improve consumer spending as a wide range of technology and digital products are introduced into the market.  With new & improved technology and products introduced to consumers recently NXT-ID, Inc. (NASDAQ: NXTD), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), PayPal Holdings Inc. (NASDAQ: PYPL), Visa Inc. (NYSE: V) and American Express Company (NYSE: AXP) continue to be the biggest players in the digital payments sector.

NXT-ID, Inc. (NASDAQ: NXTD), a biometric authentication company focused on the growing mobile commerce market and creator of the Wocket® smart wallet, announces that it has filed provisional patent 62/198989 for ELECTRONIC CRYPTO-CURRENCY MANAGEMENT METHOD AND SYSTEM.  This invention highlights a method to advance crypto-currencies such as Bitcoin into the consumer market of payment technology by introducing a common, uniform way to manage all payments.

Read the full NXTD Press Release at http://www.financialnewsmedia.com/profiles/nxtd.html

The technology manages multiple traditional financial accounts and crypto-currency accounts, like Bitcoin, including initiating transfers, currency exchanges, submitting payments, and receiving payments.  Under this method, a local, abbreviated block chain is intelligently synchronized for transactions and balance validation to enable both online purchases as well as brick and mortar retail store transactions from a local smart wallet device. This abbreviated block chain allows for validated crypto-currency purchases to be made in store, just like transactions from other traditional financial accounts such as credit or debit cards. NXT-ID looks to usher Bitcoin and other crypto-currencies into the mainstream payments industry and Wocket® is the beginning of that push for consumer friendly crypto-wallets.  "What's unique about this patent is that it introduces what we believe is the first payment experience that makes crypto-currency uniform across all payment transactions and payment methods, which is a chief inhibitor to wide scale acceptance of crypto-currencies like Bitcoin, " adds Mr. Tunnell.  "With this technology, a common smart wallet platform can be used by an individual to manage not only all of their conventional financial accounts (e.g. debit cards, check cards, credit cards, etc.), loyalty cards, membership cards and the like, but also provide for the secure management of a multiple alternative currency accounts, thereby facilitating the real-time use of one or more crypto-currencies as a method of payment, receiving crypto-currency payments, and crypto-currency exchange. This technology also enables Bitcoin to be used across multiple payment mediums including magnetic stripe, NFC, and other emerging payment methods."

In other digital payments and mobile payment news & happenings:  Customers who want to use their smartphone to make purchases will soon have an alternative to Apple Pay (NASDAQ: AAPL) and Google Wallet (NASDAQ: GOOG). The Merchant Customer Exchange -- an organization founded by Walmart, Target and Best Buy -- will its their app, called CurrentC, in August.  CurrentC will enter a market already dominated by Apple Pay and Google Wallet. According to the Merchant Customer Exchange, the new app will be accepted at 110,000 retail locations across the U.S. The thrust of CurrentC is that it will give retailers a way to stop paying fees to credit card companies, Bloomberg Business reported.

PayPal (NASDAQ: PYPL) may be the biggest player in the digital payments space, but a new partnership in the industry shows it is certainly not the favorite of the big credit card networks. Digital payments startup Stripe recently announced that it had raised a new round of funding from investors such as Visa (NYSE: V) and American Express  (NYSE: AXP) valuing the company at $5 billion. On top of that funding, Stripe said it will be partnering with Visa to further improve payments. Read the full article at http://www.thestreet.com/story/13234280/1/paypal-faces-new-threat-as-visa-partners-with-payments-startup-stripe.html?puc=yahoo&cm_ven=YAHOO

FinancialNewsMedia.com is leading provider of third party publishing & news dissemination services.  If you would like more information regarding our news coverage solutions, please visit http://www.financialnewsmedia.com for more details. Get an edge on the market with our Premium News Alerts that are FREE for a limited time at http://www.financialnewsmedia.com/. Follow us on Facebook: http://www.facebook.com/financialnewsmedia and Twitter: http://twitter.com/FNMgroup.

DISCLAIMER:  FN Media Group LLC (FNMG) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNMG is NOT affiliated in any manner with any company mentioned herein.  FNMG and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNMG's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNMG is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNMG has been compensated one thousand nine hundred dollars for news coverage of the current press release issued by NXT-ID, Inc. by the company.  FNMG HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNMG undertakes no obligation to update such statements.

Contact Information: Company: FN Media Group, LLC Contact email: editor@financialnewsmedia.com U.S. Phone: +1-954-345-0611 URL: http://www.financialnewsmedia.com

SOURCE FN Media Group LLC