Digital & Mobile Payment Advancements Aim to Alter the Way Consumers Pay for Goods and Services by Replacing Credit Cards

CORAL SPRINGS, Florida, October 28, 2014 /PRNewswire/ --

Market's Newest Smart Wallet's Mobile Payment Technology Reveals Advantageous Benefits Proving Not All Digital Payment Options Are Created Equal

Tech titans and leading biometric companies aim to take advantage of potentially billion dollar mobile payment industry with latest developments. But which option is best for consumers? Companies in focus today are: NXT-ID, Inc. (NASDAQ: NXTD), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), eBay Inc. (NASDAQ: EBAY) and Alibaba Group Holding Ltd. (NYSE: BABA)

NXT-ID, Inc. (NASDAQ:NXTD) and (NXTDW), 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 examines the case for a smart wallet like Wocket™. With the variety of new payment solutions being released, consumers may ask which method is best? Each new payment method has its own attributes that promise to make payments more convenient and secure. The good news is that none of these new payment methods are mutually exclusive to one another. Each has its own merit depending on where it can be used. For instance, digital wallets such as Google Wallet, Apple Pay or SoftCard (formally ISIS) may be preferable for locations that accept NFC (Near Field Communications), while another solutions might be a better choice for locations that require a new barcode payment system such as being developed by major retailers like Wal-Mart, Target and Best Buy. Since none of the new payment methods can be used universally at all locations, the question remains - do you still need a wallet?

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Most digital wallets have one thing in common: they all are dependent upon a cell phone. Each new payment method added to a cell phone can be advantageous, depending on when and where you wish to make a payment, but there are always instances where a cell-phone based payment method may not be practical. A cell phone based payment solution may not be practical when:

• Getting money from an ATM.
• Making a purchase at one of the millions of retail outlets that have not yet replaced their existing point of sale (POS) terminals with new upgraded ones.
• Making payments in areas with poor connectivity to the Internet.
• There is a risk that your cell phone battery might run out.
• Bluetooth does not pair, which may occur with certain methods that require Bluetooth connection with the phone.

Then, there is the issue of cash. There are still instances you may need cash or other private information that you want to secure but can't afford to leave at home. These are just some examples of when you may wish you had your wallet with you. Smart wallets add electronics to wallets and purses so that you keep your private information secure, only accessible by you. Smart wallets also securely store all of your personal information, not just payment accounts. Furthermore, smart wallets are agnostic to the payment method, capable of supporting new payment methods as they emerge.

In other Digital Payment News: Apple's (NASDAQ: AAPL) new Apple Pay consumer banking product, billed as a "your wallet without the wallet" rolled out Monday to pundits and technology buffs wondering if the system - similar to what Google Wallet (NASDAQ: GOOG) has been offering for years, along with PayPal (NASDAQ: EBAY), Square and Stripe - will change the way consumers pay for goods and services. Apple sure thinks it will.  "The reaction to Apple Pay has been amazing," says Eddy Cue, Apple's senior vice president of Internet Software and Services. "We continue to add more Apple Pay-ready banks, credit card companies and merchants, and think our users will love paying with Apple Pay."  The sell is in Apple Pay's simplicity - it enables consumers to make transactions "with the touch of a finger" using the Touch ID technology available on the iPhone 6 and iPhone 6 Plus. Once Apple upgrades its iOS8 operating system, iPad Air 2 and iPad mini 3 will also have access to Apple Pay via Touch ID.  Read the full article at http://www.mainstreet.com/article/heres-how-apple-pay-gets-reluctant-consumers-to-bite-on-digital-wallets

Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA)'s financial services affiliate said recently that Alipay Wallet, the mobile application version of its electronic payment service, now has 190 million active users.  In late 2013, Alibaba said the mobile payment app had just over 100 million users. The latest number indicates Alipay Wallet's growth, as the Alibaba affiliate tries to turn the app into a payment tool for all kinds of services offered both online and by bricks-and-mortar businesses. Alipay Wallet also allows users to invest in money-market funds.  Read the full article at http://online.wsj.com/articles/alipay-wallet-hits-190-million-active-users-1413430508

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