Mobile Commerce Technology includes Biometric Multi-factor Authentication

Shelton, CT– – NXT-ID, Inc., (OTCQB: NXTD) a biometrics company focused on the growing mobile commerce market, announced today that it has submitted a patent application for its unique digital wallet technology.  As a follow up to U.S. provisional patent application No. 61/710,826, NXT-ID has filed patent application 14/049175 for a:

METHOD FOR REPLACING TRADITIONAL PAYMENT AND IDENTITY MANAGEMENT SYSTEMS AND COMPONENTS TO PROVIDE ADDITIONAL SECURITY AND A DEVICE IMPLEMENTING SAID METHOD.

This patent forms the basis for NXT-ID’s widely anticipated next generation payment and identity product – the Wocket™. 

“Rather than attempting to replace the wallet, as companies such as Google and Isis (founded by AT&T Mobility, T-Mobile USA and Verizon Wireless) are doing by putting contactless payment capability on smartphones, our method brings the wallet into the 21^st century,” said Gino Pereira, CEO of NXT-ID, Inc.

“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population. We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication.  What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”

The Wocket™ requires unique biometrically enabled multi-factor authentication to ensure only owners and their private information can be copied into or out from the secure vault wallet device and on to the dynamically programmable magnetic stripe NXTCard. Authenticated users may then select payment information, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.

There is an added advantage in that the NXTCard replaces multiple cards that are currently kept in the wallet with a single secure card.

“This patent is the first of many we plan to submit regarding our wearable identity technologies that bring full control and protection of private data to authenticated owners of the data,” said David Tunnell CTO of NXT-ID.  “In the coming months, we plan to increase our portfolio of intellectual property with other patents that further promote protection of private data with innovative, easy to use mobile and wearable technologies that conform to how users naturally use devices today.” 

About NXT- ID Inc. – Mobile Security for a Mobile World:

NXT-ID Inc.’s (OTCQB: NXTD) 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. NXT-ID’s wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/ 

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. 

Contact:

Corporate info:

[email protected]

Investor Inquiries:

Kirin Smith

ProActive Capital Group

Direct: 646 863 6519

[email protected]

The last few weeks are proving to be a defining period for this type of transaction.

Over the last few weeks, the combination of the groundbreaking mobile payments announcements made from Money2020 in Las Vegas and from the GSMA’s NFC & Mobile Money Summit in New York have allowed a much clearer vision of the future of this technology to be formed.

The leaders of the industry giants are now revealing the next steps that their companies will take.

This has given the world the opportunity to see a much clearer vision of the future of mobile payments technology, with increasingly pervasive tech as well as a considerable cooperation from the industry. As was pointed out by the co-founder and CEO of Ensygnia (a visual pay technology), Richard H Harris, m-commerce venders and retailers alike will now be working to give consumers a better shopping experience overall.

This includes the development of mobile payments for everything from smartphones to wearable gadgets.

It also involves the creation of new ways for people to order their products and services and to employ mobile payments through the establishment of identity and by “tokenizing the things we use for identity,” said Harris.

The Visa global head of digital for developed markets, Sam Shrauger, explained that he sees the tech within the retail environment becoming more omnipresent. He stated that by being able to work together, it will become possible to establish a “strong ecosystem” that will be both secure and safe because it gives consumers the opportunity to – for instance – walk into a restaurant and have their meal already prepared and sitting on the table for them. He explained that mobile payments and commerce are “all about taking friction out of every aspect of the shopping, buying, paying, post-transaction experience.”

The Groupon owned Breadcrumb restaurant point of sale system founder, Seth Harris, agreed with Shrauger’s statement that cooperation of this nature will broaden, as companies are well aware of how difficult it is to progress in this way when they are attempting to do so on their own. “I think we’re going to see a lot more cooperation among a lot of the big companies than people really realise. It’s only through us all working together that I think we’re going to get there fast.”

PayPal’s vice president of global solutions management, Carey Kolaja, pointed out that there has already been notable progress in mobile payments and loyalty systems over the last year and a half; that more distance has been travelled in that time than it has in the last decade.