MELBOURNE, Florida, January 25, 2016 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a company focused on the growing mobile commerce market, announces that effective January 2016, all Wockets sold will be enabled with NFC (Near Field Communication) payment technology.
As new partnerships with financial institutions are completed, Wocket owners will be notified when they can make NFC payment transactions. This will require a software upgrade through the Wocket app. Gino Pereira, CEO of NXT-ID explains" The next generation Wockets are NFC enabled for payments like Apple Pay or Google Pay. It works as they do when you tap your Wocket to a terminal and it takes your payment. In 2016 we envision several product extensions for Wocket including NFC only Wockets and a new smartcard and app product all at different price points for various customer needs and preferences."
This technology was previewed at the Consumer Electronics Show (CES) in Las Vegas earlier this month along with a new contactless method of making Wocket payments at unmodified point of sale terminals that normally can only accept magnetic stripe cards.
NXT-ID Director Stanley Washington, who spent 17 years as a senior executive at American Express, commented while attending CES, "This is a very exciting period for NXT-ID. The Company has a technology platform that can make payments by multiple methods to suit consumer preferences in a number of different form factors. This makes the technology appealing to strategic partners from financial institutions to makers of devices that would like to incorporate payment technology."
According to Zion Research and their new report, "Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020" , global demand for mobile wallet market was valued at USD 500 billion in 2014 and is expected to reach USD 2,500 billion in 2020, growing at a CAGR of approximately 30% between 2015 and 2020.
Wocket® is the smartest wallet you'll ever own. Designed to protect your identity and replace your old wallet, simply save your cards into Wocket once and they are immediately secured. You can choose a card from the touch screen and Wocket programs its single, smart card (Wocket Card) or uses its NFC touch to pay technology to match your selection. Your Wocket can be used virtually anywhere that credit cards are accepted today. Wocket can also display a variety of barcodes.
All your credit, debit, loyalty, gift, ID, membership, insurance, medical information, passwords, and virtually any other information can be protected on Wocket®.
About NXT- ID Inc. - Mobile Security for a Mobile World
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 solutions that secure consumers' mobile platforms led by Wocket®; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. http://www.wocketwallet.com/
Product images are available for media at: http://press.nxt-id.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.
SOURCE NXT-ID, Inc.