Tag: m-commerce

A recent study has shown that customers are not interested in shopping over smartphones until they feel safe.

Businesses that are hoping to be able to take full advantage of what m-commerce has to offer are, according to a recent report based on a study, going to need to do a better job at showing consumers that they can trust in mobile security.

Many smartphone owners simply do not feel that it is safe enough to share their details to buy over these devices.

Though many people are still looking at products on their smartphones, in addition to other shopping behaviors such as comparing prices, they are still much more comfortable making purchases from their laptops and desktops than they are using m-commerce, simply because they do not yet have faith in mobile security. This, according to the National Cyber Security Alliance and PayPal’s results of the 2013 National Online Safety Study.

The report suggests that mobile security should be a prime focus for convincing consumers to use m-commerce.

What the report revealed was that 36 percent of respondents were feeling mobile security concerns when it came to shopping over their smartphones and tablets. However, at the same time, only 22 percent of the participants had taken the precaution of installing a protection app into their device beyond whatever was included in the manufacturer initially installed. There were far more game apps installed than those meant for protecting the device.

According to the National Cyber Security Alliance executive director, Michael Kaiser, “Many people just start using a mobile device without always taking the time to implement safety or security measures.” He added that by making sure that mobile security software has been installed and that it includes a program that can wipe out the data the phone contains if it is ever lost or stolen, and by locking the device with a password, greater peace of mind can be achieved.

Aside from mobile security, there were also large concerns identified regarding the risk that someone else would be able to make a purchase with their device if it was ever lost or stolen. That said, only 34 percent locked their devices with a pin or password.

SHELTON, CT–(Nov 14, 2013) – NXT-ID, Inc. (OTCQB: NXTD), a biometrics company focused on the growing mobile commerce market, announced today that it has successfully ported its MobileBio Voicematch™ algorithm to its widely anticipated next generation payment and identity product — the Wocket™. 

The Wocket™ is a new class of biometrically secure mobile devices designed to bring the traditional wallet into the 21st century by providing the functionality of a wallet and incorporating a touch screen and a single dynamically programmable card to use for credit, debit and any other magnetic stripe functions. 

“We are pleased we have surpassed this important milestone in the development of the Wocket™,” says Gino Pereira, CEO of NXT-ID. “Authenticating users with our Voicematch™ speaker plus command recognition algorithm is a very convenient and user friendly way to use the Wocket™ while improving security over traditional authentication methods.” 

Voicematch™ is a key multi-factor biometric technology and a major building block of NXT-IDs MobileBio mobile and wearable identity technologies that bring full control and protection of private data to authenticated owners of the data. 

“We are pleased with the continued development of the Wocket™,” says David Tunnell, CTO of NXT-ID. “Our approach eliminates the need for passwords by authenticating identity in a natural way for users. With Voicematch™, users can simply ask for a user-defined name of a card and the Wocket™ then automatically programs the NXTCard with the card of their choice.” 

The company reported that it had successfully developed its Voicematch™ algorithm on November 4th, which was ahead of schedule. The multi-platform technology will run on mobile platforms such as Android and iOS, as well as laptops and desktops. 

The company will be issuing an update and video of successful demonstrations of its Voicematch™ algorithm technology on Smartphone platforms in the near future. 

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. 

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Investor Relations

Kirin Smith

ProActive Capital Group