LOS ANGELES, May 17, 2016 /PRNewswire/ -- X Lab today introduced Spendwallet, its cutting-edge #smart #wallet that electronically consolidates #credit, #debit and #giftcards onto one physical, electronic device that removes the bulk of traditional, overflowing wallets. Featuring a secure and easy-to-use interface, it allows users to instantly make a #payment anywhere with just a tap on existing #retail store card swipe equipment. To help bring Spendwallet to market, X Lab has launched an #Indiegogo campaign (http://igg.me/at/spendwallet). A limited number of Early Bird specials of 39% off MSRP will be available, as well as other offers.
Unlike other payment services including Apple Pay and Android Pay, which are accepted in less than 5% of retailers, Spendwallet allows users to use their smartwallet in close to a 100% of all retail stores. Spendwallet utilizes a revolutionary self-developed antenna and pulse emitting technology called magnetic flux emulation technology (MFE) that allows consumers to securely and electronically store all types of cards on one device, without the need for the physical card. When using Spendwallet, the MFE technology generates a magnetic field, which makes the card reader respond as if a card has been swiped. So instead of swiping, the users simply tap and finish their payment.
Spendwallet is seductively designed to completely replace an existing wallet. Its frame and body are made out of aluminum and plastic, making the device strong and durable enough for everyday use in users' pockets as well as lightweight. The wallet can store the account information of up to 20 cards at a time and has a backside pocket for ID, cash, or anything that cannot be stored digitally on the device.
Spendwallet also features bank level encryption, passcodes and automatic lock and data self-destruction mode when lost, making it one of the world's most secure wallets. Both Spendwallet and the user's smartphone constantly monitor each other's status through Bluetooth technology. Thus, smartwallet can only be activated when it is near the user's smartphone. If lost or stolen, Spendwallet automatically locks and data self-destructs. Additionally, the hidden LED display aboard Spendwallet will not be shown on the surface of the device when not in use to maintain privacy.
"We are disrupting the offline payment system and marketplace with Spendwallet's proprietary MFE technology that allows users to store their card data on one safe, portable and secure device," said Kevin Kang, CEO of X Lab. "We believe payments should be convenient and highly secure to empower users with the flexibility to pay anywhere with a simple tap. Now if someone loses their wallet, they can be assured that nobody will have access to their cards to make unauthorized purchases."
Setup is easy with Spendwallet – users simply connect the included card reader to the headphone jack on their smartphone and swipe the payment cards through the reader to transfer the card data to the Spendwallet app. Its easy-to-use interface allows users to swipe left and right on the display to select which card they want to use, and can make an instant payment at already existing retail credit machines by placing Spendwallet close to the card reader and tapping the 'SPEND' button. The Spendwallet will function for a month on one charge, making it the perfect digital wallet.
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ABOUT X LAB
X Lab is a Fintech IoT startup inaugurated in February 2015 to disrupt the offline payment system with its self-developed magnetic flux emulation technology as well as three patent pending payment and security technologies. The company, which consists of notable engineers from Cisco, LG Electronics, Qualcomm, Sony Mobile, etc., has received two rounds of funding to date. For more info, please go to http://www.spendwallet.com
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SOURCE X Lab