Garmin® and NXT-ID Subsidiary FitPay Expand Garmin Pay to Visa Accountholders
Contactless Payment Capability Now Supported by Major Card Issuers on the Visa Network
MELBOURNE, Florida, December 5, 2017 /PRNewswire/ --
Garmin International, Inc. (NASDAQ: GRMN) and Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced that the Garmin PayTM contactless payment feature is now available for eligible Visa credit, debit and prepaid accounts from many of the network's major participating issuing banks. The new feature on Garmin's latest smartwatch, the vívoactive® 3, enables consumers to make highly secure contactless payments at near-field communication-enabled (NFC) point-of-sale (POS) terminals, allowing them to tap to pay at millions of retails locations and contactless-enabled ATMs.
"We're excited to expand the availability of Garmin Pay to Visa cardholders," said Dan Bartel, Garmin vice president of worldwide sales. "The ability to make purchases right from the wrist, without phone or wallet, is an incredibly valuable feature for our active lifestyle customers."
The vívoactive 3 with contactless payment feature, Garmin Pay, is an early product to utilize the Visa Ready for Tokenization Program, via TSP* program partner FitPay. The Visa Ready for Tokenization program gives partners access to Visa's broad network of tools and services to speed up and simplify the process for embedding secure payments in devices.
Garmin Pay is now available to Visa accountholders from numerous participating issuing banks including Bank of America, Capital One, and U.S. Bank in the United States, and BonusCard, Cornérbank, ANZ and NAB (National Australia Bank) internationally.
"Just in time for the holidays, Visa accountholders now have a simpler way to pay on-the-go with the Garmin vívoactive 3. Fitness trackers always appear on the season's must have lists and this year, Visa accountholders have another reason to pick up the smartwatch," said Jason Blackhurst, senior vice president, innovation and strategic partnerships, Visa. "We look forward to continuing to add more participating issuing banks so additional Visa accountholders can experience the benefits of payments on the Garmin vívoactive 3."
"Consumers want paying for things to be faster, easier and more convenient," said Michael Orlando, president of FitPay, Inc. and COO of NXT-ID. "By supporting Garmin Pay, Visa and its issuing banks are helping to make that happen - giving consumers access to latest payment technology and enabling the way they pay to fit more seamlessly into the way they live."
The FitPay Payment Platform provides the vívoactive 3 with contactless payment capabilities, and full digital wallet functionality the Garmin Pay within the Garmin Connect app. It enables consumers to simply tap and pay at NFC-enabled POS terminals or ATMs using an existing credit, debit or prepaid card account.
FitPay's proprietary technology platform uses tokenization, a payment security technology that replaces cardholders' account information with a unique digital identifier (a "token"), to transact highly secure contactless payment and authentication services. FitPay leverages Embedded Secure Element (eSE) chip technology within devices to offer a payment solution that is very power and memory efficient. This frees devices from needing to be tethered to a host device or connected to the Internet to transact payments, creating a convenient and completely frictionless payment experience for consumers.
Garmin Pay was initially launched in November 2017 for Mastercard accountholders from numerous issuing banks and credit unions. View the complete list of issuing banks, payment networks and countries supporting Garmin Pay at Garmin.com/garminpay/banks. Additional networks and card issuers will be added to Garmin Pay soon.
*Token Service Provider
About Garmin International Inc.
The ever-expanding Garmin fitness segment develops technologies to enhance and promote healthy and active lifestyles. Whether users are runners, cyclists, swimmers, multi-sport athletes, or simply looking to stay active throughout the day, there is a Garmin product that can help them reach their health and fitness goals. For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.
Garmin International, Inc., is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. Garmin and vívoactive are registered trademarks and Garmin Pay is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements for Garmin:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2016, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
About NXT- ID, Inc. and Fit Pay, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about NXT-ID at www.nxt-id.com. FitPay and the FitPay Payment Platform are the sole property of Fit Pay, Inc. For NXT-ID Inc. corporate information contact: [email protected]
Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Media Contacts:
Garmin International Inc.
Mary Thompson Woodbury
+1-913-397-8200
[email protected]
Fit Pay, Inc. and NXT- ID
Chris Orlando
[email protected]
+1-760-468-7273
D. Van Zant
+1-800-665-0411
[email protected]
SOURCE NXT-ID, Inc. & Garmin International, Inc.
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