SHELTON, Conn., Oct. 20, 2014 /PRNewswire/ -- NXT-ID, Inc. (NASDAQ: NXTD and NXTDW) ("NXT-ID" or the "Company"), 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 breaks down Apple Pay in the first of many blog posts examining alternative payment methods in a compare and contrast with their upcoming smart wallet, Wocket.
With Apple Pay releasing this Monday, critics and fans alike are flush with opinions on the new payment feature in the iPhone 6. Although cell-phone based digital wallet payment solutions promise a more convenient and secure way to pay, they have fallen short of expectations achieving very little traction in the payment industry. Stunted by low adoption rates with both consumers and retailers, cell phone based payment solutions leveraging NFC simply further fragment an already fragmented industry, with only new iPhone 6 owners and an estimated 5% of point of sale terminals in the United States currently able to support Apple Pay. Large retailers such as Wal-Mart, Target and Best Buy are not expected to accept Apple Pay due to their involvement in yet other mobile payment solution, MCX.
Wocket™ doesn't attempt to render the wallet extinct – but rather enhance it. We aren't trying to force a new payment method, but rather be agnostic, supporting any payment system that consumers desire. With a focus on privacy and security, Wocket™ is not just another payment solution, Wocket™ is instead positioned to become the cornerstone of all future payment technologies.
Wocket™ is the first and only smart wallet, unique to the industry, adding electronics to wallets that have been around, and by all accounts will continue to be around, for decades. Unlike cell phone dependent and connected technologies, Wocket addresses the weaknesses that have thwarted previous digital and electronic wallets:
• Wocket™ works without a smart-phone, disconnected from cloud-based services, and maintains all the features of a wallet within a secure personal vault, biometrically locked so only the owner of the information may gain access.
• Wocket™ works at all POS and ATMs, as well as provides a platform for future technologies such as secure wireless payments. You can't put your smartphone in an ATM!
• Unlike cell phones, Wocket™ provides the quickest possible way to access personal information as well as select payment accounts. With a battery life that allows for at least 6 months between charges, you will never be without a way to pay.
Wocket™ enables users to customize and carry whatever they need. It's truly the first universal and secure, payment solution.
As new payment technologies emerge, the fact remains that consumers will still carry a wallet to access ATMs, pay when their phone dies or loses signal, and checkout at locations that don't support NFC. Rather than a few hours of battery life between charges, an unprecedented minimum of 6 months can be achieved with typical use of Wocket™. In addition, Wocket™ is the only secure vault with a flexible platform that encompasses more than just a single payment method, and works everywhere you use your cards today.
Mr. David Tunnell, Chief Technology Officer
See the full blog post: http://nxt-id.pr.co/87986-wocket-vs-apple-pay
The full FAQ is also available at http://www.wocketwallet.com
Wocket™ is now available for advance ordering at www.wocketwallet.com at a price of $149.99.
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD) (NXTDW):
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio® suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com.
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.
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SOURCE NXT-ID, Inc.