Mobile Payment Technology Continues to Evolve While New Product Development Strategies For NFC Type Technology Leads to Next Generation Payment Solutions

Aug 06, 2015, 08:30 ET from FN Media Group LLC

CORAL SPRINGS, Florida, August 6, 2015 /PRNewswire/ --

The digital and mobile payment industry has exploded in recent months and some industry analysts believe the sector will continue to evolve and go through big changes as new & improved NFC technology aims to improve consumer experience and security in the digital payment transaction space.  Digital Payment and Mobile Technology companies focused on improving ways consumers pay with innovative digital products & new chip card technology (EMV) are NXT-ID, Inc. (NASDAQ: NXTD), Apple Inc (NASDAQ: AAPL), Google, Inc. (NASDAQ: GOOG), Verifone (NYSE: PAY), Global Payments Inc. (NYSE: GPN) & Alibaba Group Holding (NYSE: BABA).

NXT-ID, Inc. (NASDAQ: NXTD), a biometric authentication company focused on the growing mobile commerce market and creator of the Wocket® smart wallet, issues an informative corporate shareholder update after the markets closed on Wednesday following the recent funding round.  Gino Pereira, CEO of NXTD states, "In the intervening time period we have executed the plan that we proposed at our uplisting. We have taken our Wocket design from a working beta model through to a finished manufactured product; which in the case of the Wocketcard means enclosing a package of sophisticated electronics in a card less than 1mm thick!  We have almost doubled our staff and have developed an onshore customer service team based out of our Florida distribution center. In addition our fulfillment team is in place and has been busy delivering Wockets! We have delivered all our preorders as well as those on our invitation list and we are now gearing up for general sales."

Read the full NXTD press release and Shareholder Update at http://www.financialnewsmedia.com/profiles/nxtd.html

We are getting a positive reception from our customers and incorporating their feedback in the continued development of our product. One of the advantages of Wocket is that we can remotely update the software for both the Wocket and Wocketcard so our consumers can always enjoy the best available experience with our product. We will be launching our first software update very shortly.  The big question on everyone's mind is how Wocket works with EMV, or the new chip cards that are beginning to be distributed by the major card services. The flexibility of the Wocket platform means that we can support NFC (Apple Pay (NASDAQ: AAPL) and Google Wallet (NASDAQ: GOOG) type technology) and EMV, as well as Bluetooth and other forms of payment as they become prevalent in the future. We are reaching out to card issuers to incorporate approved tokenized secure payments into Wocket. This will mean that Wocket will not only have the ability to protect your credit cards, and other sensitive information, by verifying your identity before granting access to them, but also protect that data as its being transmitted for settlement. We also have a method for doing this for online transactions as well.

The payment industry is rapidly changing with digital transactions allowing consumers new ways to pay and chip card technology (EMV) is being introduced across the United States at an estimated cost of $8 billion. Apple Pay has brought increased consumer acceptance to "pay by phone" technology and Google Wallet and MCX (led by Walmart), will be launching or re-launching their platforms as well. In addition many stores and restaurants will have apps available to pay by phone emphasizing the fragmentation in next generation payment systems. However, the number of legacy point of sale systems (POS) that need to be replaced to use these new technologies is enormous.  Javelin Strategy and Research estimates the total number of terminals in the US to be 15 million and there are over 1 billion credit and debit cards that will require EMV chips. Although rapid progress is being made, it will still take a number of years for these new technologies to be ubiquitous.

In other NFC/Mobile Payment Technology News and Happenings:  Verifone (NYSE: PAY) announced recently that Westpac Banking Corporation ('Westpac Group') will be the first bank in Asia Pacific to deploy its new handheld EMV and NFC-enabled terminal solution that is fully supported with payment services from Verifone.  With more than 13 million customers, Westpac Group is one of the largest financial services institutions in Australia and New Zealand. Westpac Group-including St. George, Bank of Melbourne and Bank SA-will provide the VX 690 payment terminal from Verifone along with full terminal management support through Verifone's Payment as a Service platform. The partnership provides a superior level of servicing that will offer Westpac Group's merchant clients a market leading platform for faster onboarding, the ability to see their daily transaction activity in real-time and full support provided by Verifone's technical expertise.

Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, recently announced it will offer its merchants in the UK the ability to accept Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay, at launch next month.  "Global Payments is delighted to offer Apple Pay to merchants in another of our major markets, clearly demonstrating our ability to effectively leverage our global infrastructure and market position," said David Mangum, Global Payments President and Chief Operating Officer. "Just as our U.S. merchants have experienced the simplified checkout process and enhanced customer experience, including privacy and security, that come with Apple Pay, our UK merchants will soon enjoy the same benefits."

Ant Financial, an affiliate of  Alibaba Group Holding (NYSE: BABA) has released a new version of its Alipay app for iOS and Android, adding new Friends and Merchants tabs that provide support for peer-to-peer payments and for Koubei, the US$1bn mobile commerce joint venture between Ant Financial and Alibaba that was announced last month.  Alipay now has over 400m annual active users, with 80% of those being mobile users, Ant Financial says.

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