Biometrics Tech Companies Move Toward Mobile Payment Products with New Smart Wallet Options: New Patent Application to Integrate Intelligent Systems for Newest Smart Wallet

CORAL SPRINGS, Florida, September 3, 2014 /PRNewswire/ --

Smart Technology and Leading Biometrics Companies release latest mobile payment platforms, patents & technology advancements for the consumer market of secure Next Generation Smart Wallets: NXT-ID, Inc. (OTCBB: NXTD), Apple Inc. (NASDAQ: AAPL), Visa Inc. (NYSE: V), MasterCard Inc. (NYSE: MA), Google Inc. (NASDAQ: GOOG) and American Express Co. (NYSE: AXP)

NXT-ID, Inc. (OTCQB:NXTD), a biometric authentication company focused on the growing mobile commerce market, announced today that it has submitted a patent application for methods to integrate intelligent systems into a wallet to form a smart wallet.  This patent primarily discusses mechanical methods and approaches to add electronics to turn average wallets into smart wallets and follows an earlier patent submission by the Company for a method to replace traditional payment and identity management systems.  "This patent reinforces our intellectual property position in the mobile and wearable markets, especially in the area of smart wallets," states David Tunnell, CTO of NXT-ID.  "This invention details how various electronics, such as touch screens, buttons, batteries and microphones with voice recognition can be added to materials, providing tight integration that enhances wallet functionality."

The patent also describes methods that achieve an accessorized wallet where multiple styles of wallets can be interchangeable to the base electronics.  

To read the full press release, please click here: http://www.financialnewsmedia.com/profiles/nxtd.html

"One of the key achievements of this invention is the ability to accessorize the wallet with various accessory options including methods to enhance the internal electronics as well as the outer appearance," states David Tunnell.  "This feature enables users to customize their wallet by simply replacing the accessory. Users can now have a minimalistic wallet accessory to go out on a run, for instance, and simply replace it with another accessory style for dinner later that night.  We believe this achieves the world's first "accessorized wallet", and ushers in a new generation of intelligent smart wallets that not only act as a vault to protect personal information, but also act as a fashion statement for a variety of venues."

Apple Inc. (NASDAQ: AAPL) plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according to a person familiar with the situation. The agreement includes Visa Inc. (NYSE: V), MasterCard Inc. (NYSE: MA) and American Express Co. (NYSE: AXP) and will be unveiled on Sept. 9 along with the next iPhone, said the person, who asked not to be identified because the talks are private. While companies such as Google Inc. (NASDAQ: GOOG) have invested in creating ways for phones to make payments in a physical store, U.S. retailers have been slow to adopt the technology, thus limiting the use by shoppers, according to Ben Bajarin, an analyst for Creative Strategies LLC in San Jose, California. That could change with Apple entering the market because iPhones have the largest market share in the U.S., he said. To read more, please click here: http://www.bloomberg.com/news/2014-08-31/apple-said-to-team-with-visa-mastercard-on-iphone-wallet.html

Bloomberg cited "a person familiar with the situation" who said that Visa, MasterCard, and American Express are among the big names working with Apple to enable a new mobile wallet feature on the iPhone 6. The device will make its first appearance at a Sept. 9 launch event.

"The new iPhone will make mobile payments easier by including a near-field communication (NFC) chip for the first time, the person said," Bloomberg's Matt Townsend reported. "That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger."

New Life to NFC?

Apple is somewhat late to the mobile wallet game, a nascent yet rapidly growing industry. Companies already offering mobile wallets include Google, Citigroup and Macy's.   Apple could not immediately be reached for comment, but according to NXT-ID, a biometric authentication company behind a smart wallet called Wocket, Apple submitted a public patent application that describes a detailed backend architecture for a mobile wallet designed to hold digital credit and debit cards and coupons from a range of merchants and financial institutions. Read the full article at http://www.toptechnews.com/article/index.php?story_id=00200072XJX6

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